Philips Cuts 6000 Jobs

Another electronics company gives in to the credit crunch.

Holland-based Philips Electronics is planning to cut up to 6000 jobs in 2009 after posting a net loss of 1.5 billion euros ($1.9 billion) for Q4 of 2008. “I know that cuts across all sectors and all geographies,” shared Ian Race, Philips spokesman, on the impending layoffs.

It remains to be seen if cuts would include layoffs in its Philippines operation.

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