According to an article in the Dallas Morning News, Kimberly-Clark Corp. the maker of Kleenex tissue, Scott paper products and Huggies diapers announced that it is implementing 1,600 job losses. That amounts to 3 percent of its 53,000 worldwide workforce. Six hundred of those job losses will affect U.S. employees who are taking "voluntary" severance offers at the end of this month. Kimberly-Clark plans to cut an additional 150 US jobs as it attempts to strengthen its finances.
The article said:
"These actions, while difficult, are necessary to help us emerge from this demanding economic environment as a stronger company," said Tom Falk, the company's chairman and chief executive.
Kimberly-Clark is closing ranks with other large companies, implementing job losses and doing everything possible to avoid restructuring in Chapter 11 bankruptcy. As the economy continues to weaken, even companies that make essentials such as paper products are finding that consumers are cutting back. It's a vicious cycle. Companies implement job losses and consumers cut back because they fear job losses. It will probably take a significant drop in job losses to break this cycle of contraction. In the meantime companies and consumers are cautious.
If you're experiencing a job loss, make sure you do a careful assessment of your finances. Can you still afford to pay your daily expenses and your debts? If you find that you're out of work for an extended period of time and you can no longer afford to service your debt or keep a roof over your head, you may need to consider bankruptcy. Contact a Dallas-Fort Worth bankruptcy attorney to discover your bankruptcy options.