Sprint Nextel to cut workforce, close underperforming stores
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In response to an increasingly difficult retail environment, Sprint Nextel says about 4,000 employees will be laid off and about one out of every eight retail stores will close.
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OVERLAND PARK, Kan. Sprint plans to cut 700 jobs in its business solutions division. It will also take a charge against earnings in its third quarter to reflect a decline in value of its long-distance assets.
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AT&amp;T Corp. said it will cut one-fifth of its work force this year -- or 7,400 more jobs -- and write down $11.4 billion of assets as the phone company retreats from the residential business it once dominated.
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Sprint Corp., the telecommunications giant, said Friday it will cut 700 jobs in its business solutions division as it stops selling business long distance services outside of package deals.
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NEW YORK, October 15  - The US-based telecom giant, Sprint Corporation (FON.NYS), has announced its plans for additional 700 job cuts in its Sprint Business Solutions (SBS) division.
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Sprint Nextel Corp  reported  deeper than expected subscriber losses on Friday and said it  would cut about 4,000 jobs, sending its shares down 26 percent  and raising fears that an economic slowdown would take a  greater toll on the wireless industry .
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In its latest move to restructure and shore up its stock, Sprint Nextel yesterday announced the immediate departures of three top executives, including Chief Financial Officer Paul Saleh.
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Sprint Corp. FON.N on Friday said it  plans to cut up to 700 jobs as it realigns its business to  focus on wireless and Internet services and takes a non-cash  network impairment charge.
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Workers tumble through gaping subscriptions hole US mobile phone provider Sprint Nextel said today it will slash around 4,000 jobs and close about eight per cent of its stores, in an attempt to claw back costs in the face of a haemorrhaging customer base.â¦
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Sprint Nextel Corp.  expects to post first-quarter net losses of postpaid customers, who pay for calls in advance, but forecast postpaid net additions for the second quarter, Chief Financial Officer Paul Saleh said on Wednesday.
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Sprint Nextel Corp  Chief Financial Officer Paul Saleh and two other senior executives are leaving the company in a new management shake-up, as the No. 3 U.S. mobile service grapples with subscriber losses.
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Sprint Nextel Corp  reported  deeper than expected subscriber losses on Friday and said it  would cut about 4,000 jobs, raising fears of a slowdown in the  U.S. wireless industry, and its stock dropped nearly 25  percent.
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Tough times continue at Sprint Nextel, as the company said Thursday that three of its top executives are on their way out.CFO Paul Saleh, Chief Marketing Officer (CMO) Tim Kelly, and President of Sales and Distribution Mark Angelino will leave the company on Friday, according to Sprint Nextel. It wasn&#39;t clear if the executives were leaving voluntarily or were being let go, and company spokeswoman Leigh Horner said in an e-mail that Sprint Nextel isn&#39;t &quot;commenting further or characterizing the nature of these departures.&quot;In a press statement, Sprint Nextel President and CEO Dan Hesse thanked the three for their &quot;dedication and contributions&quot; to the company, and wished them luck in future endeavors.Sprint Nextel is looking to replace the departing executives permanently, but in the meantime their duties are being handled by existing executives.William G. Arendt, currently senior vice president and controller of Sprint Nextel, will serve as acting CFO, while John Garcia, currently senior vice president, product development and management, will serve as acting CMO. Paget Alves, currently Sprint Nextel&#39;s regional president for sales and distribution, will serve as acting president, sales and distribution. All of these executives will report directly to Hesse.The news of the executive shake-up follows the announcement last week that&#160;Sprint would be laying off 4,000 employees and the close 125 of its 1,400 retail outlets&#160;due to the net loss of more than 100,000 customers in the fourth quarter of 2007. At the end of the year, Sprint said it had 53.8 million subscribers, including 40.8 million customers of its traditional post-paid service.The company plans to announce its full fourth-quarter results on Feb. 28.While Sprint struggles, rival carrier&#160;AT&amp;T seems to be doing better, thanks to its partnership as the&#160;exclusive service provider for Apple&#39;s iPhone&#160;device. AT&amp;T&#39;s revenue was up 2.9 percent in the fourth quarter of 2007, largely driven by increases in mobile phone and broadband customers, the company announced Thursday.AT&amp;T saw a net gain of 2.7 million mobile subscribers during the quarter, and most of them came to the company through its iPhone partnership, the company said. Apple said Tuesday it sold 2.3 million iPhones during the quarter.
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Sprint Nextel Corp  said on  Thursday Chief Financial Officer Paul Saleh and two other top  executives would leave the company in a new management shake-up  as the No. 3 U.S. mobile service grapples with subscriber  declines.
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Sprint Corp. (FON.N: Quote, Profile, Research) on Friday said it plans to cut up to 700 jobs as it realigns its business to focus on wireless and Internet services and takes a non-cash network impairment charge.
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Sprint Nextel , the No. 3 U.S.  mobile service, said on Friday it will cut about 4,000 jobs and  close about 8 percent of its stores, predicting further  pressure on its ability to attract subscribers and turn a  profit in 2008.
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Cingular Wireless, the nation's largest cellular phone company, plans to cut about 10 percent of its work force, or 7,000 jobs.