Saturday, January 10, 2009

Xerox Tightens The Belt - Putting the Links in Storage for a Year


The big X isn't even sponsoring golf this year.

With earnings report out in a couple of weeks, Xerox is making news again as rumors of layoffs persist.

Xerox was one of the first companies to recognize the somber economic environment and took steps to address by offering 5% of its workforce separation packages - if not enough people take the package, forced layoffs may ensue.

Some of those layoffs could come before fourth quarter earnings are announced later this month.

Xerox is reportedly working on reducing its costs by $400 million, through consolidating manufacturing and other real estate.

In related news, after four years, Xerox allowed it's title-sponsorship contract at the Irondequoit Country Club to expire.(Apparently, there was no automatic renewal for another 30 days or 4 years)

The Xerox Classic will be taking at least a year off.

Don Jeffries of the Rochester Broadway Theater League, the tournament organizer, said,

"With the economic times the way they are, they(Xerox) just couldn't put up money to sponsor a tournament."



Reactions:

1 comment:

  1. I am glad I left that company this year. The X makes a good product, but their sales chanel negates that positive. I saw the writing on the wall by the way I was treated. Maybe downsizing and then rebuilding could make it a good player, but not with the current mentality and leadership.

    ReplyDelete