NEW YORK (AP) -- Mobile handset maker Motorola Inc. said Wednesday it will cut 4,000 more jobs in 2009, in addition to 3,000 it announced last year. The company said the move will save about $700 million a year starting in 2009. Most of the new layoffs will hit the mobile devices business, while about 1,000 jobs are tied to corporate functions and other business units. In December, it announced it was freezing its pension plans and reducing executive pay. Motorola shares fell 21 cents, or 4.9 percent, to close at $4.11 Wednesday, and dropped another 5 cents to $4.06 in after-hours trading following the announcement.
NEW YORK (AP) -- Barnes & Noble Inc. said Wednesday that it has eliminated nearly 100 positions in its corporate headquarters as the bookseller attempts to reduce overhead costs due to the sharp downturn in retail sales. Barnes & Noble said most of the job cuts were due to the company's reduction in store openings and consolidation of functions within its retail and online operations.
TORONTO (AP) -- Nortel Networks Corp. spent years ringing up multiple rounds of layoffs as it tried to fix big problems in its business. But it couldn't ward off the recession. The telecommunications equipment maker filed for bankruptcy protection in Canada and the U.S. on Wednesday, becoming the first major technology company to take that step in this global downturn. The filing came a day before Nortel was due to make a debt payment of $107 million.
CHICAGO (AP) -- Discount clothing chain Goody's Family Clothing filed for Chapter 11 bankruptcy protection on Tuesday, the retailer's second such petition in less than a year as it struggles with mounting debt and a staggering drop-off in sales.
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