Layoff Nation: Job Losses Keep Coming

Investment Firms to Starbucks

This was not the year to be in the upscale coffee market. Starbucks, facing competition from lower-cost companies, such as Dunkin' Donuts and McDonald's, announced in July it was closing 600 under-performing, company-owned stores and cutting U.S. expansion plans amid concerns about America's slowing economy. As part of those store closings, 12,000 jobs were lost.

Shock waves spread throughout the financial world when Lehman Brothers filed for bankruptcy Sept. 15, the largest bankruptcy in U.S. history. British bank Barclays purchased Lehman's North American investment-banking and trading divisions, saving some jobs. But an estimated 16,000 people still lost their jobs in Lehman's collapse.

Alcoa, the largest U.S. aluminum producer, announced last week it will fire 13,500 employees in response to shrinking demand for aluminum. Basically, in this global recession, there is less need for aluminum as fewer people buy cars, appliances and other products that use the lightweight metal.