As retailers anxiously await Black Friday to get a feel for how the current state of the economy will affect consumer spending this season, the major research group NPD has predicted the crunch will be especially hard on tech companies. A new study released by the company on Tuesday shows consumers planning to cut back on high-end gadgetry due to fears of hard times ahead.
Tag Archive: economy
Xerox Laying Off 3,000
Xerox made a third quarter profit of $258 million, but has been pushed into a reorganization plan by the worsening economy. As part of that, the company will lay off 5% of its staff, which will translate into around 3,000 job cuts.
Xerox CEO and chairman Anne Mulcahy said:
"To better align our operations with these changes, we’re accelerating actions to reduce our cost base and drive operational improvements across the board, giving us more flexibility in our business and in this unpredictable economy."
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