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Web Retailers Lead in Internet Job Cuts

August 25, 2000|Reuters

Job cuts at Internet companies in August jumped 55% from July, led by reductions in the Web retail sector, according to outplacement firm Challenger, Gray & Christmas. Job cuts in the "dot-com" sector from December 1999 through Wednesday totaled 11,785, up from 7,592 posted through July 23. Retailers accounted for the biggest portion of the layoffs. Web retailing job cuts totaled 3,562, up 1,750 from July. Challenger Gray focuses on finding employment for workers who have lost their jobs. Kozmo.com was the most recent high-profile victim of the Web retail shakeout, announcing last week that it would postpone its initial public offering and eliminate 275 positions.

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