The closings resulted in 2,900 employee layoffs. Financial problems prompted layoffs and restructuring in 2001. The corporate restructuring resulted in the layoffs of approximately 25 to 30 employees. Restructuring in 2012 resulted in more layoffs. The company was acquired with plans for a restructuring and layoffs to cut costs. Czechoslovakians were faced with ubiquitous layoffs and catastrophic unemployment. A recession hit the semiconductor industry in mid-1974 resulting in thousands of layoffs. The merger was followed by many more layoffs of Sierra employees. There were massive layoffs from mill and plant closures. Unemployment is the biggest effect on the economy that can come from layoffs. The firings came as a second wave of the layoffs that were previously announced. Layoffs and reductions were common at all agencies. Two years later, employment would be at 93,000 due to layoffs and spinoffs. After a period of layoffs and reorganization, the company completed a successful IPO. Resentful workers laid the blame for recent layoffs on Japanese competition.