Virginia
Businesses in the News
Cutbacks
and Closings
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the Record is
compiled from company releases, business
journals and newspaper reports from around
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Virginia Business Magazine
P.O. Box 85333
Richmond, VA 23293
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Capital One Financial Corp.,
a McLean-based financial services company, closed
its call center in Irving, Texas and laid off
220 workers. Most of the work done there will
be transferred to Richmond where about 130 jobs
will be added. The layoffs are part of a move
announced in July to eliminate 1,380 jobs. (Richmond
Times Dispatch)
Circuit City, a consumer
electronics retailer headquartered in Richmond,
closed four its eight consignment shops that
offered services to process online auctions
on eBay for customers. The trial program will
continue at four locations in Pittsburgh, the
closing of four consignment shops in Atlanta
was done so in an effort to control costs. (Richmond
Times-Dispatch)
Freddie Mac, a government-sponsored
financier of mortgages based in McLean, closed
its Securities and Trading Group, which was
responsible for accounting irregularities that
led to several top executives leaving the company
and $125 million in fines from federal regulators.
Market-making operations within the division
were closed and other responsibilities for mortgages
and investments were moved to different units.
(The Associated Press)
Honeywell International Inc.,
a New Jersey-based manufacturer, proposed cutting
300 of the 660 jobs at its Richmond plant. The
company seeks to shut down the fiber conversion
and spinning operations, which depend on older,
less efficient equipment than that employed
at other Honeywell plants. Honeywell opened
discussion with union representations over the
plan, which targets closing operations in December.
(Richmond Times-Dispatch)
MCI, an Ashburn telecommunications
company, plans to close its Newport News telemarketing
call center and lay off 500 workers in November.
The move is part of the company’s effort to
cut costs by 15 to 20 percent. (The Virginian-Pilot)
