The state might take a crippling hit if congress does not act before Friday.
Wednesday, February 27
By Ryan Fitzpatrick, Homewood-Flossmoor Patch Deep, nationwide cuts are geared to take place March 1. They're the first of a decade-long $1.2 trillon budget cut plan poised to go into effect unless congress can compromise on a defecit-reduction plan. Get news in your inbox. Sign up for the Patch newsletter. Like Naperville Patch on Facebook. Here’s what Illinois stands to lose, according to the White House:
Tellabs shares fell to an almost 20-year low Friday, prompting the company to announce plans to cut jobs this year, Businessweek reports.
Naperville-based Tellabs announced plans to cut about 300 jobs this year, Businessweek reports. Get news in your inbox. Sign up for the Patch newsletter. Like Naperville Patch on Facebook. The lay off amounts for about 12 pecent of its 2,600 staff. Tellabs shares fell 6.9 percent Friday to an almost 20-year low, Businessweek reports. Tellabs posted a loss of $23.3 million in the last three months of 2012, down 23 percent a year earlier. The company also announced it will be discontinuing its 9200 router line, according to Businessweek. Read more on Businessweek