Tag Archives: layoffs

Corporate America’s big mistake — runaway CEO pay

A new study shows that CEO compensation at top companies in America is soaring — a stark contrast with the stagnant salaries of many rank and file employees across the country.PAULSON+MONEY.jpg

And very interesting in light of the huge profits that Big Business raked in last year.

The median salary for the top executives at the companies surveyed rose 12 percent in 2010 to $9.6 million, according to the study commissioned by the New York Times.

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American Book Co. closing, eliminating 250 jobs

UPDATE:

The company issued a press statement late Monday, saying it is laying off 100 workers and closing its Knoxville warehouse and combining it with a distribution center in Jefferson City, Tenn.

Company Chairman Dean Winegardner was not available to talk. The statement released to the media did not address the Tennessee Department of Labor and Workforce announcement which said 250 jobs were affected.

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Wholesale book distributor American Book Co. will close its Knoxville operation by the end of the year, eliminating 250 jobs, the Tennessee Department of Labor and Workforce Development said on Monday.

062410Library20.mc.jpgLayoffs are set to begin Oct. 6 and end on Dec. 31, according to the announcement.

Overall, metro Knoxville’s unemployment rate has been slowly dropping in recent months, but it’s never good to see notices like this.

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Pace of job cuts slows

Companies are still cutting jobs – as evidenced by Hewlett Packard’s announcement Tuesday that it would slash it’s global payroll by 9,000 workers over the next three years — but the pace of layoffs is slowing.

In a report released today, global outplacement consultancy Challenger, Gray & Christmas Inc. says layoffs have “returned to prerecession levels.”

That’s what passes for good news these days, but at least the economy continues to recover.

In May, U.S. employers said they planned to cut 38,810 jobs, the12th straight month when job cuts were lower than the same month in the previous year, according to the Challenger, Gray report.

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