Sun Micro to Lay Off 3,000

Stock quotes in this article: SUN , ORCL  

SANTA CLARA, Calif. (TheStreet) -- Sun Microsystems(SUN) will lay off up to 3,000 workers over the next 12 months as it prepares for its contested merger with Oracle(ORCL).

Or, as Sun worded it in a filing with the Securities and Exchange Commission, the layoffs are designed to "better align the company's resources with its strategic business objectives."

Sun said the layoffs would occur throughout its geographies.

It expects to take a charge of between $75 million and $125 million "over the next several quarters," mostly to cover severance pay. The company said it will record a majority of the charges in the second and third quarters of fiscal 2010, which ends in June.

-- Written by Scott Eden in New York

Follow TheStreet.com on Twitter and become a fan on Facebook.

  • Loading Comments...
  •  

SHARE:

  • email
  • print
  • comment
  • digg
  • delicious
  • buzz
Scott Eden has covered business -- both large and small -- for more than a decade. Prior to joining TheStreet.com, he worked as a features reporter for Dealmaker and Trader Monthly magazines. Before that, he wrote for the Chicago Reader, that city's weekly paper. Early in his career, he was a staff reporter at the Dow Jones News Service. His reporting has appeared in The Wall Street Journal, Men's Journal, the St. Petersburg (Fla.) Times, and the Believer magazine, among other publications. He's also the author of Touchdown Jesus (Simon & Schuster, 2005), a nonfiction book about Notre Dame football fans and the business and politics of big-time college sports. He has degrees from Notre Dame and Washington University in St. Louis.

Recent Comments





Connect with TheStreet

Dow Jones S&P 500 NASDAQ 10-Year Note
10,741.98 1,159.90 2,374.41 36.87
Oil *
79.80
DOWN
37.19
DOWN
5.92
DOWN
16.87
UP
0.15
10 Yr
3.69%
SPDR Gold
108.28
-0.34%
-0.51%
-0.71%
+0.41%
Data delayed 20 minutes

More From TheStreet

Latest Headlines
  • Top Rated Stocks from TheStreet Ratings
  • Find returns with the Dividend Calendar

Brokerage Partners

TheStreet Premium Services

All Services