Layoffs, Technology | featured news

Penney CEO Ron Johnson has said the retailer had too many legacy systems that were all customized and so came with expensive maintenance costs. The outsourcing move is one of the cost-saving decisions that Johnson is implementing with the goal of coming up with $900 million in annual expense cuts. Those cuts are paying for Penney’s transformation into “America’s favorite store.” Penney employees will run Oracle’s software and it no longer will need as many IT people as it did to run and update its legacy systems.

Yahoo is laying off 2,000 employees as new CEO Scott Thompson sweeps out jobs that don't fit into his plans for turning around the beleaguered Internet company. The cuts announced Wednesday represent about 14 percent of the 14,100 workers employed by Yahoo.

Yahoo’s new CEO Scott Thompson is preparing a massive restructuring of the Internet search firm, including layoffs that are likely to number in the thousands, according to a report.

AOL will slash its workforce 20%, according to a person familiar with the matter, eliminating 950 jobs in the U.S. and India as it struggles to resurrect its business.

Long-rumored layoffs at News Corp.'s Myspace social-networking site will be announced Tuesday. More than 500 jobs are expected to be cut.