Business

Local employers big and small feel economic pinch

Posted February 2, 2009 3:36 p.m. EST
Updated February 2, 2009 3:46 p.m. EST

Employers big and small continue to feel the economic crunch.

One of the nation's largest department stores announced plans Monday to cut 7,000 jobs. Macy's has stores in Cary, Raleigh, Durham and Fayetteville. It was unclear how many of those cuts would come in the Triangle.

Glaxo SmithKline, the pharmaceuticals company with headquarters in Research Triangle Park, plans to cut as many as 6,000 jobs worldwide, according to a report in London's Sunday Telegraph. Five thousand people work at the RTP location. Specifics on the layoffs are expected later in the week.

On a smaller scale, Cary Printing, employer of 60, announced it would close after 32 years in business. Company president Tim Bannister cited economic problems for the move.

Local advertising agency RBW filed for bankruptcy Monday after 25 years in business in Raleigh. The company let go 15 workers – almost half of its work force. RBW officials hope the bankruptcy filing will allow them to shed some debt and reorganize to keep the company afloat.