The food-stamp economy
On the last day of every month, shoppers at Walmart load their carts with food and household items and wait for the midnight hour. Is this the new normal in America? Full Article
Avis cuts 2,200 jobs, to close Orlando facility
(Reuters) - Car rental company Avis Budget Group Inc said it eliminated more than 2,200 positions across all areas of its business, as part of its plan to lower costs.
The company, which plans to close its claims processing facility in Orlando, said it would also freeze management salaries and increase its retail car rental rates from Dec 1.
"We have taken immediate action and remain on track to lower our cost base by approximately $150-$200 million annually by the middle of 2009," Chief Executive Officer Ronald Nelson said.
Avis said it was forced to cut more jobs as the number of employees willing to leave were below the required targets.
In late October, Avis said it had cut 700 jobs in the third-quarter and expected a pre-tax loss of up to $1.2 billion as declining travel forced fleet adjustments.
Shares of the company closed down nearly 15 percent at 69 cents Thursday on the New York Stock Exchange.
(Reporting by Biswarup Gooptu in Bangalore; Editing by Anil D'Silva)
