A large layoff delivers a big blow to the economy of a small Minnesota town.
It's expected that by January as many as 1,100 people at Hutchinson Technology could be out of work -- that's nearly a quarter of the company's total work force.
Most of the layoffs will come from the company's main plant in Hutchinson, but smaller plants in Plymouth, Eau Claire, Sioux Falls could be hit as well.
Hutchinson technology is the world's largest maker of suspension assemblies, which hold the needle that reads and writes hard drives.
Because of the slowing economy both in the United States and abroad they've seen sales drop 20 percent.
Many workers received the news last night -- some as they arrived for their shift.
Source : MyFox
[tags : recession bankrupt collapse retrenchment financial news collapse stagnation economic slowdown financial collapse world recession global recession layoff job cut]
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