Expensive audio equipment company Bose has announced it is to cut 1000 jobs, around 10% of its global workforce.

In a statement the company said it was "restructuring its operations in response to the decline of the global economy, and its impact on consumer spending".

"Bose's premium products have a pretty hefty price point - thousands of dollars for their top-of-the-line home theater systems", former Bose retail director Doug Fleener told the Boston Globe.

"What you're seeing is that people are trading down. Maybe instead of buying the $3,000 audio system, people are going for the $1,500 system".

In addition, Ericsson has announced plans for cost reductions that will see 5000 jobs go "in anticipation of spending cuts by telecommunications companies this year".