Shop Talk

Retailers, consumers and prices

Check Out Line: More jobs down the (Whirlpool) drain

October 28, 2008

Check out the Whirlpool of woe.
 
Five thousand. That’s the number of jobs Whirlpool plans to cut by the end of next year as it faces falling sales in North America and a potential global recession.
 
Appliance makers have already been hammered by the U.S. housing collapse. Now the credit crunch is likely to keep demand down, the world’s largest appliance maker said.
 
“The global credit crisis has had a profound negative impact on what was already a weakening and very fragile global economy,” Whirlpool Chief Executive Jeff Fettig (pictured left) said in a statement.
 
Some of the job cuts had already been announced. Others were new. They all add to a slew of job cuts announced by corporate America in recent weeks.
 
That creates a spiral of people not being able to buy the goods the manufacturers make, which could cause manufacturers to cut more jobs as the economy keeps swirling down the drain.
 
Also in the basket:
 
Sam’s Club opening new store called Mas Club
 
Retailers slash Blu-ray player prices (WSJ

Pershing to unveil suggested Target “transaction”

Wal-Mart cutting US store openings further

Wal-Mart says ‘relentlessly’ non-partisan in US election 

(Photo: Reuters)

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