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Sun to Pink-Slip 3,000 Workers

Oct 21, 2009, 14:32 (0 Talkback[s])
(Other stories by Larry Barrett)

"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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