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Video: Sprint Nextel To Cut 4000 JobsThis forum post is dated 04/15/10. If you feel it is old or outdated, please follow up with a question or comment and someone may be able to update it, or reply with newer information if you have it. Kansas - Retail Jobs
| Video: Sprint Nextel To Cut 4000 Jobs Sprint Nextel Corp.'s stock plunged Friday after the wireless carrier said it will cut 4000 jobs and close 125 retail locations in response to a steep drop in its customer base. Sprint shares plummeted nearly 25 percent, prompting analysts to forecast even more cuts in the coming months as the nation's third-largest wireless carrier struggles to compete with AT&T Inc. and Verizon Wireless. The layoff of about 6.7 percent of Sprint's work force and closure of 8 percent of its stores is to be completed in the first half of the year. Sprint said in a news release that the cuts will trim labor costs by $700 million to $800 million a year. Some analysts said the moves would not be enough to stem losses resulting from a fourth-quarter decline of 109000 subscribers and 683000 monthly subscribers -- in all, nearly three times the net loss Wall Street analysts predicted. |
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