Sunday, September 2, 2012

Hewlett-Packard's Labor Pains on Labor Day

Posted By on Sun, Sep 2, 2012 at 10:32 AM

Tens of millions of Americans have little to celebrate this Labor Day, facing unemployment, underemployment or pending layoffs.

ABC News points to eight of 2012's layoff announcements this year, led by Hewlett-Packard.

HP announced in May that it expected to shed as many as 27,000 of its employees, representing 8 percent of its workforce by the end of 2014.

"This is less reflective of the economic environment than it is of the state of that company and its history," said John Challenger, CEO of executive outplacement firm Challenger, Gray and Christmas. "It's got tough issues in front of it."

American Airlines, which filed for bankruptcy in 2011, announced that it would layoff 10,000 workers in a restructuring process.

PepsiCo told shareholders in February that it would pink slip 8,700 employees across 30 countries.

Other companies listed by ABC News as employers announcing singificant layoffs this year include Food Lion, Procter and Gamble, Old Country Buffet, Best Buy and Albertsons.

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