Sprint To Shed 125 Shops, 4,000 Jobs
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Sprint Nextel, suffering from a steady erosion of customers, said yesterday it is cutting about 7 percent of its workforce and closing 125 retail stores. The company's stock fell sharply, losing a quarter of its value.
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InfoWorld - The day after&#160;announcing that 4,000 employees will be laid off, Motorola CEO Ed Zander told investors that he plans to boost profits with a wide range of multimedia handsets instead of relying on a single blockbuster product like the Razr cell phone.
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Sprint Nextel has decided to consolidate its two headquarters, eliminating a relic of the merger of Sprint and Nextel Communications in 2005.
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US phone company SBC says it expects to cut nearly 13,000 jobs following its $16bn takeover of AT&T.
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Motorola Inc.  said it expects to cut an  additional 4,000 jobs as it continues to lower costs.
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Motorola Inc. said Wednesday it would lay off 4,000 more workers as the Illinois-based company works to improve its financials.
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Motorola (Quote, Chart) said it would cut 1,000 jobs, a move prompted by the spinout of its Freescale Semiconductor (Quote, Chart) subsidiary.
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US mobile phone giant Cingular announces plans to cut about 7,000 jobs in the next 12 to 18 months.
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Motorola plans to axe 1,000 workers across a number of business units, hoping to reduce costs as it refocuses on its wireless business.
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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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Alcatel-Lucent  on Friday said it would cut about 12,500 jobs over three years, more than previously announced, as it reported a fourth-quarter net loss and forecast a drop in first-quarter revenues.
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Electronics superstore drops T-Mobile wireless service to make room.
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Merger challenges and dropped calls for consumers are taking a toll as Sprint aims to expand and upgrade.
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The imminent deal underscores how rapidly wireless is displacing the traditional land-line phone business. If the merger goes through, Sprint plans to sell off its local-phone business, which
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Bank of America said it will cut about 4,500 positions, or about 2.5 percent of its workforce, beginning this month. The layoffs will take place across the bank&#39;s geographic footprint and in all lines of business
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Motorola will cut an additional 4,000 jobs as the mobile phone maker tries to cope with tough global competition.
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Sprint Nextel  reported  deeper-than-expected subscriber losses on Friday and said it  would cut about 4,000 jobs, sending its shares down 19 percent  to their lowest level in more than five years.