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Benefits October 23, 2000
Dot Com Pink Slips At Record Pace
October 23, 2000 (PLANSPONSOR.com) - Dot-coms cut
jobs at a record pace in the past month, and were up 18% from
a month ago according to outplacement firm Challenger Gray
& Christmas.
Reported by Nevin E. Adams
Still, through the first nine months of 2000, Internet-related layoffs are less than 6% of the total laid off by traditional “brick and mortar” firms.
The study, released today, revealed a record 5,677 job cuts at Internet-related firms in the past month. It was the fifth monthly increase in a row.
Chicago-based Challenger said that some 16% of Internet-based firms have failed since last December, putting some 22,267 employees on the street over the past nine months. Most of that (36%) has hit the consulting, financial and information services industries, followed by retail (24%).
Since December, 274 Internet-related firms have announced cutbacks in their workforces. Forty-four companies have gone out of business.