Wednesday, October 29, 2008

Whirlpool is Swirling Down the Drain

The Economy just keeps hitting the fat dogs of industry.

As they put it, due to the "long downturn in the U.S. housing market", Whirpool is looking to downsize by 5,000 people over this and next year. Their earnings fell 7% and combined with the fact that consumer confidence is at its lowest level on record, things have to be shored up on their end.

Though they still made a hefty profit, they said the cut into the profit was a result of fuel and material costs.

Whirlpool had 80,000+ employees after they acquired Maytag in 2006 and then started cutting thousands of domestic and foreign jobs and sold off parts of the business such as the Hoover vacuum products.

Ouch.

The icons we all look to and expect to always be there since they have been so iconic in our lives for such a long period of time are quickly falling prey to the economy. But alas, as I always say, "Everything in Life is Temporary. Enjoy it while it lasts."

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