Whirlpool plans 5,000 job cuts to reduce costs
World BusinessOct 30, 2011
Whirlpool Corp., the world’s largest maker of appliances, sank the most since 1987 after saying it will cut 5,000 jobs and lowering an annual profit forecast by as much as 36 percent with demand in the U.S. falling back to recessionary levels. The shares dropped 14 percent to $51.80 at 4:15 p.m. in New York for the largest decline since the so-called Black Monday stock market crash on Oct. 19, 1987. The stock has declined 42 percent this year. The plan, which also includes reducing factory capac