Sun Microsystems to lay off up to 6,000 workers

http://www.employmentCrossing.com Today, Sun Microsystems, the Santa Clara server and software maker, announced it will lay off more than 15 percent of its global workforce over the next year, amounting to between 5,000 and 6,000 workers. Amid a steep financial crisis, the company has experienced declining sales and plunging stock prices and chief executive officer Jonathan Schwartz, has said that the company will take sharp, decisive action to align itself with the problem. The company, which will take in up to $600 million in charges in the next 12 months, hopes to save $700 million to $800 million a year as a result of the moves. In late morning trading, Sun shares, which initially rose as much as 12.7 percent, were down 1.2 percent, to $4.04. The companys market value has been reduced to $3 billion, as Suns shares have lost more than 80 percent of their value in the last year.

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