Jobs in Illinois Cut with Tellabs
Posted on July 7, 2009
One company is cutting more than 100 jobs in Illinois. Click here to see more Illinois jobs.
Tellabs, Inc. announced this week that it plans to cut about 150 jobs as part of a company restructuring plan. The company, which supplies telecommunications networking products, hopes the restructuring will help align its costs with customer spending and current market conditions.
In a filing with the U.S. Securities and Exchange Commission, Tellabs noted that it expects to record pretax charges of $5 million to $6 million from Q2 2009 through Q1 2010. Cash payments in the same area are expected from Q3 of this year through Q4 2010.
Tellabs will release its Q2 earnings on July 27, according to an article by RTTNews. Most analysts expect the company to post earnings of $0.06 per share for the quarter, higher than last year’s earnings of $0.03 per share. At that time, Tellabs said it expects revenue to remain flat.
The job cuts will only add to Illinois’ declining economy. During May, the state saw its unemployment rate increase from 9.4 percent to 10.1 percent. Illinois hasn’t seen its unemployment rate decrease since March 2007, when it went from 4.9 percent to 4.7 percent.
During May, the state had a total non-farm employment of 5,700,400 workers, according to the United States Department of Labor Bureau of Labor Statistics. This is down from 5,717,800 workers during April and a 4.6 percent decrease from last year.