Internet retailer cutting work force
The Associated Press
4/15/01 5:20 PM

HARTFORD, Conn. (AP) -- Cyberian Outpost Inc., an Internet retailer of technology products, has laid off 110 workers, or a third of it work force, The Hartford Courant reported Sunday.

The layoffs came on the heels of the company's announcement Thursday that it posted a quarterly net loss of $9.5 million, or 30 cents per share.

Cyberian Outpost, also known as Outpost.com, has offices in Kent and Bethel and in New Jersey. It was unclear where the layoffs would be.

"As far as our customers are concerned, it is business as usual," said Darryl Peck, the company's founder and chairman.

He said company officials will meet with their creditors to discuss payment options.

Outpost warned it may not be able to negotiate with its creditors or raise additional capital and would not offer an outlook for 2002.

ecoverage.com is going out of business as of now. they're transferring all active accounts to some podunk insurance co. in CT: SICH (?).

Winstar files for bankruptcy

NEW YORK (AP) - Two days after missing a $75 million debt payment to Lucent Technologies, Winstar Communications Inc. has filed for
bankruptcy protection, adding to a growing list of casualties among new-fangled communications carriers. Winstar, operator of a wireless network providing high-speed Internet access to office buildings,
also said Wednesday it has filed a $10 billion breach of contract lawsuit against Lucent, the ailing equipment maker that's been one of Winstar's main suppliers and lenders. The bankruptcy petition, filed Wednesday along with the Lucent suit in U.S. Bankruptcy Court in Delaware, reports that Winstar had about $5 billion in outstanding debts at the end of February. Winstar, which earlier this month laid off 2,000 employees, or nearly half its work force, said in a statement it expects to continue delivering wireless data services to its 30,000 customers while restructuring its finances.


Full article at:
http://www.infobeat.com/fullArticle?article=406777318

Living and working in Silicon Valley is one of the toughest things these days. There are so many layoff announcements along with increases in living prices. I hear about layoffs at other companies everyday.

I'm even under the gun; my company is going through a merger with a certain German giant. Layoff is on the mind of everyone here in the land of chips and plenty.

My apartment complex used to be full with a 260 person waiting list. No there are tons of available apartments. From what I've heard from the local news, a lot of the people getting layed off are leaving the valley.

Everyone here is downsizing in order to make the P/E ratio look good in these days of the downward slope. The valley has been through this before and will make it through again. A majority of technology development will still continue to happen in this area.

It is true SFOJFK. My dot com company had layoffs in August. I made the cut! Layoffs again in February and I, among 45% of the company, was cut. Then hired back on as a consultant. I recently found out that my contract was extended. This cannot go on for much longer as I need something permanent.

It is not just the dot coms though and not just in the Bay Area. Several major companies have announced layoffs and more to come. My friend works for a major US firm that will layoff in the next 3 weeks. (I am trying to be as general as possible since his/her staff does not know this information yet.)

The cost of living in the Bay Area scares me to death. It will be a long time before I will be able to purchase a home here.

I moved into my building last July. My roommate has lived in this apartment since 1996 and was paying 825.00 for a large 2 bedroom, 2 bath in Belmont in 96. Other apartments in the building were renting for 1,600.00 when I moved in here nine months ago. This one was a little less since he had been here a while. Since July there have been three vacancies. The first was rented at 1,800.00, the second at 2,000.00, and the third last month at 2,200.00.

So the rent for this particular building went up 50% since July and 300% in five years. Rent in all my friend's buildings have the same story.

I was born and raised here (Woodside) and although I love to travel and have lived abroad the Bay Area will always be home. I just hope I will be able to buy one.

And another thing. I am just ranting and raving at the moment. This ridiculous energy crisis in CA is starting to piss me off. Not only is the electricity bill higher which I can handle but my dry cleaners is charging a 15% "electricity crisis" surcharge. Other companies in in CA are sure to follow.

Sorry for getting just a "little" off topic. http://www.flyertalk.com/forum/smile.gif

And another thing. I am just ranting and raving at the moment. This ridiculous energy crisis in CA is starting to piss me off. Not only is the electricity bill higher which I can handle but my dry cleaners is charging a 15% "electricity crisis" surcharge. Other companies in in CA are sure to follow.
[/B][/QUOTE]

My rent now has an energy surcharge to cover exterior lighting and cold & hot water. They came in a couple of weeks ago and switched out my light bulbs with those energy savers.

Tech Shakeout Victims Worry About Finding Good New Jobs
http://www.washtech.com/news/software/9359-1.html

The Internet Bubble Bursts on the Screen
http://www.nytimes.com/2001/04/30/te...gy/30DOCU.html

Some Internet stocks go from bust to boom

By Matt Krantz, USA TODAY

Those too busy telling dot-bomb jokes and snickering about e-retailers' numbered days may have missed something: a monster rally.

Just when it looked like e-retailing and selling Internet access were total busts, Wall Street has been getting back into the stocks.

Some Internet firms, just last year burning cash and flirting with bankruptcy, are now getting traction as they cut costs and prove they can make money online.
http://www.usatoday.com/money/stocks...net-stocks.htm

The Web: I'm not dead yet!
This year's Webby nominees are proof of the shakeout everyone knew was coming, and a sign that life still exists on the Net.
http://www.salon.com/tech/feature/20...ies/index.html


And now, sadly, etour goes down as well! http://www.flyertalk.com/forum/smile.gif
http://www.flyertalk.com/forum/Forum...ML/000866.html

Motors.com, the online seller of used cars that in January hired the former Maytag chief executive Lloyd D. Ward to head its operations, has gone out of business.
http://www.nytimes.com/2001/05/04/te...gy/04WARD.html

[This message has been edited by doc (edited 05-04-2001).]

Bye bye Freeride :

While you're out there enjoying the summer, FreeRide will be busy rebuilding our business model.

If that has an all-too-familiar ring, we share your frustration. After all, we've been Internet survivors since 1995. Since we jump-started the site back in January, we've continued to attract new sponsors and new FreeRiders, every day. Just like before, you've rewarded those sponsors with your time, your attention, and quite often, even your money. And just like before, we've "booked" more revenues, and you've redeemed more points each and every month.

So what's the problem? It's called cash flow. You redeem your points far faster than our sponsors pay us for them. In fact, the majority of our sponsors - including some of the biggest names on or off the Web - are taking 4 or more months to pay, if they pay at all. (Some just go out of business.)

Bottom line: FreeRide doesn't have deep enough pockets to play this game indefinitely. Therefore, on April 30, we took a giant step backward by taking the FreeRide site down. We've stored your wallet balance so that we can transfer it to our redesigned site. We hope to be back later this year.

All of us at FreeRide wish you a happy and healthy summer. In the meantime, we'll be doing everything we can to help make it a prosperous fall.

Sincerely,
The FreeRide Team

3Com Corp (COMS.O) on Monday said it would cut its work force by 3,000 people, or 30 percent, as the computer network equipment maker works to return to profitability.
http://www.nytimes.com/reuters/techn...om-jobs-d.html

AND: Dell Computer Corp., the world's largest PC manufacturer, will cut another 3,000 to 4,000 jobs -- up to 10 percent of its work force -- and make other employees to take unpaid time off as it struggles with weak demand for computer systems and services.
http://www.nytimes.com/aponline/nati...l-Layoffs.html

Merrill Unit Cutting 20 Percent of Staff
http://www.nytimes.com/reuters/busin...ancial-me.html

[This message has been edited by doc (edited 05-09-2001).]

Teligent Inc. (TGNT.O) on Monday filed for Chapter 11 bankruptcy protection, but said its lenders will supply interim funding to keep the voice and data services company in operation.

http://www.nytimes.com/reuters/busin...ecoms-tel.html


Hello Xdrive User,

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We appreciate your past use of Xdrive, an Online Storage Box for Everyone(tm). Our privacy policy
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[This message has been edited by doc (edited 05-24-2001).]

The founder and CEO of Beenz.com has resigned and the business will "wind down at the end of June if no buyer for it is found." http://www.flyertalk.com/forum/frown.gif

Cash in Beenz points immediately? Far better to be safe than sorry.

ClickRewards, is also losing its chairman, West Shell, and the CFO, Jack Longinotti - but they are in much better shape! I hope they stay that way! http://www.flyertalk.com/forum/smile.gif

A great source for dotcom failure news is at www.f--kedcompany.com (fill in the --).



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He who dies with the most miles ... is dead.