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General Discussions => General Chit Chat => Topic started by: Cheryl on January 26, 2009, 02:50:41 PM

Title: Sprint to Eliminate 8000 Jobs
Post by: Cheryl on January 26, 2009, 02:50:41 PM

Wonder how this will impact the race sponsorship?


Title: Re: Sprint to Eliminate 8000 Jobs
Post by: old hot rodder on January 26, 2009, 09:33:31 PM
I'd give 2 to 1 odds that Sprint won't be the name sponsor in the 2011 season,...

Title: Re: Sprint to Eliminate 8000 Jobs
Post by: Cheryl on January 27, 2009, 07:03:02 PM
Here's more bad news for GM and Home Depot.  I heard about those "design" centers closing here in Maryland.  Not a great loss IMHO, but I hate to see all those people out of work.  But it is interesting hear how much HD spends on advertising in various sports.  Absurd!  From Jayski:

"Cutbacks announced for NASCAR's largest sponsors: The grim economic news isn't just affecting NASCAR's teams as they prepare for next month's season openers at Daytona International Speedway. Four of NASCAR's largest corporate sponsors -- including Sprint Nextel Corp. -- announced major layoffs and cutbacks Monday as a result of the worldwide economic slowdown. In an effort to reduce labor costs by more than $1 billion, Sprint Nextel officials announced the company will eliminate 8,000 jobs -- or 14% of its workforce -- by the end of the March, placing a freeze on salary increases and suspending its 401(k) match for the year. The nation's third-largest wireless phone carrier posted a net loss of $326 million in the third quarter of 2008 and nearly $1.2 billion for the first three quarters of 2008. The news was just as bad Monday at corporate headquarters for Caterpillar, Home Depot and General Motors. After announcing a 32% drop in fourth-quarter profit, Caterpillar -- the new sponsor of Jeff Burton's #31 Chevy -- will be forced to eliminate 20,000 jobs -- about 18% of its workforce -- through a combination of layoffs and buyouts. Approximately 2,500 workers have already accepted buyouts and some 8,000 contract workers will be eliminated. In addition, 4,000 full-time factory workers have been laid off. Home Depot, NASCAR's official home improvement warehouse, announced it will close 34 Expo Design Center stores and 14 other specialty stores over the next two months. That will account for a 2% reduction in the company's workforce, or about 7,000 jobs. Earlier this month, the company announced that it would end its Olympic sponsorship program, which had been in place since 1992. According to media ratings company Nielsen Co., Home Depot reportedly spent between $25 and $30 million in advertising for the last two Olympic games, and $12 million on NASCAR advertising in 2007. According to one tracking firm, Home Depot's total budget for sports sponsorships in 2007 was between $60 and $65 million. General Motors Corp. announced plans to cut shifts this spring at plants in Ohio and Michigan, eliminating about 2,000 positions. In addition, production will be decreased at 13 other plants in the United States and Canada. Less than a month ago, GM announced the temporary closure of 20 plants in North American in response to the slowdown in vehicle sales. All of those plants are expected to resume production during the first quarter of 2009, with the exception of the plants listed in Monday's release. About 1,200 workers will be laid off at GM's Delta Township plant near Lansing, Mich., beginning March 30 when GM eliminates one shift. Another 800 workers will be affected by the elimination of another shift at the Lordstown, Ohio, facility.(NASCAR.com)(1-27-2009)"


Title: Re: Sprint to Eliminate 8000 Jobs
Post by: Cheryl on February 19, 2009, 03:13:06 PM
More losses in revenue for Sprint and losing over 1 million customers can't be a good thing: