Sun to Pink-Slip 3,000 Workers

“Oracle’s (NASDAQ: ORCL) $7.4 billion purchase of the software
and server company was given a thumbs-up from the U.S. Department
of Justice but the EC is holding off on its verdict until sometime
early next year.

“In the filing, Sun (NASDAQ: JAVA) officials said the layoffs
will represent about 10 percent of the company’s 29,000 employees
and will be done in phases over the next year.

“Once the layoffs are completed, the company expects to absorb
between $75 million and $125 million in restructuring charges. The
cuts will come from all its major regions including North America,
Europe, Asia and other emerging market, company officials said in
the filing.”

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