Job cuts News

One of the oldest retailers in the United States, J. C. Penney has succumbed to a difficult and troubling past year. Investment and profit losses have eaten into the company's bottom line, forcing the layoff of employees and the closing of stores.

Madrid - Spanish airline Iberia has canceled 1,370 flights due to a second strike by flight and ground staff, including pilots this time, protesting against job cuts. (Video update).

Cancer vaccine specialist Dendreon has announced that it will cut 600 jobs and close one of its three manufacturing facilities located in New Jersey.

Toronto - On top of the 300 job cuts announced in March, Rogers Communications Inc. will cut 375 more positions, the company said Tuesday. This comes as the company faces lower profits, enhanced competition and higher systems costs.

Paris - Air France, one of the world's largest airlines, announced Thursday that it plans to lay off more than 5,000 employees, approximately 10 percent of its workforce, by the end of next year to return to profitability.

Helsinki - As part of its restructuring efforts and cost-saving measures, Nokia Corp., the Finland-based cellphone company, said it will cut thousands of jobs and close many of its factories and research facilities.

Minneapolis - General Mills, a Minneapolis-based food maker of Cheerios, Hamburger Helper and Yoplait, announced Tuesday of its cost-saving restructuring process, which includes the elimination of 850 jobs globally.

The drugs and life science company Merck has announced a program of cost savings and job losses in order to boost sales. Unions have reacted angrily to the move and will oppose the planned cuts.

Minneapolis - Electronics retailer Best Buy has announced that it will close 50 big box retailers, cut 400 jobs in the corporate and support area and open 100 mobile locations by fiscal year 2013. The company plans to save $800 million by 2015.

New York - PepsiCo Inc. officially announced that it plans to cut 8,700 jobs, or approximately three percent of its workforce. It will also increase marketing spending by about $600 million. This restructuring is estimated to save the company $1.5 billion by 2014.