Amazon.com closes book on 1,300 jobs in search of profit

Article Abstract:

Amazon.com said it would layoff 1,300 employees, or 15% of its workforce, to cut costs as the online retailer continues to sustain losses. Amazon.com lost $545 million for the quarter ending Dec 31, 2000, or $1.53 per share, compared with $323 million during the year-ago period. However, its quarterly sales rose by 44% to $972 million, against $676 million in the earlier year. The affected employees are based in a distribution center in McDonough, GA, and in a customer service center in Seattle, WA.

Personnel administration, Miscellaneous Store Retailers, Retail Trade NEC, Retail trade

---

Target buys 35 Ward's as earnings climb 12%

Article Abstract:

Target Stores Inc has acquired 35 outlets of bankrupt Montgomery Ward and Company Inc for $700 million. The retail store chain, which also reported a 12% gain in 1st qtr 2001 profits on Mar 1, 2001, said that at least 30 of the newly acquired stores will reopen as Target stores in 2002. Target CEO Bob Ulrich said that the purchase of the stores gives the company access to prime markets. The 35 stores are expected to contribute over $1 billion in annual revenues to the company.

Asset sales & divestitures, Acquisitions & mergers, Retail Store Chains, Chain stores, Montgomery Ward and Company Inc

---

One for the books: Amazon bet pays off

Article Abstract:

Amazon.com Inc, established by CEO Jeff Bezos on Jul 16, 1995, is celebrating its fifth anniversary in 2000. The Seattle, WA-based online retailer, which began in a room the size of a two-car garage, has emerged into one of Internet's darlings. Amazon, whose product offerings now include hardware, tools, electronics, toys and auctions, is expected to reached sales of 2.9 billion in 2002. Analysts expect the company to break even in 2002.

Public affairs, Book Stores, Bookstores

Similar abstracts:

• Abstracts: Nortel plans to cut 10,000 jobs and as it lowers earnings outlook
• Abstracts: DaimlerChrysler: record $1.6B quarterly profit. DaimlerChrysler's earnings tumble 78%. Rebates fuel record auto sales in June
• Abstracts: Amazon, Toys R Us team for online toy store. Hewlett-Packard in talks to buy tech unit for $18B
• Abstracts: Ford seems to be high bidder for Daewoo, but GM lurks. Nissan on path to profitable year
• Abstracts: After iMac, pressure mounts on Apple. Seeds of doubt sprout for Apple's future. Apple unveils new Mac, new colors

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.