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Dot-com doldrums lead to pink-slip hurricane, report says

Published on .

New York--Outplacement firm Challenger, Gray and Christmas Inc. said Thursday that dot-coms are slashing employees at a record pace to cut costs and please investors. Challenger, Gray recorded a total 11,785 job cuts by 169 companies since December. Retail Internet companies were the top corporate slashers with 3,562 cuts, followed by services with 2,239. New York-based Challenger, Gray said the cuts would not have a dramatic effect on either the economy or the individuals involved because of the high demand for skilled technical workers.
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