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IGT layoffs begin this week
Thu, Nov 13, 2008 (5:04 p.m.)
Hurt by the slumping economy, the world's No. 1 slot machine manufacturer began laying off about 500 workers this week as part of a companywide cost-cutting effort that began a few months ago.
International Game Technology employs some 3,000 people at its Reno headquarters and another 1,000 or so people in Las Vegas. Nearly 10 percent of the company's global workforce will leave in the next few days, though they will be paid through January 4.
About 200 of those laid off accepted early retirement packages. The company notified employees of the buyout plan in September.
IGT expects to save more than $100 million from an ongoing cost savings plan, executives say.
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