Nortel Cuts 3,200 Jobs
Today the company said it will cut an "additional net" 3,200 jobs worldwide during the next several months. These cuts will be in addition to the 1,800 job cuts previously announced. (See The Decline & Fall of Nortel Networks and Nortel Preserves Patent Plan.)
"There is nothing more difficult than notifying employees, and Nortel is extremely conscious of the personal financial burden this will cause affected employees and their families," said Mike Zafirovski, Nortel president and chief executive officer, in a statement.
"Nortel is a company driven by people and innovation," Zafirovski's statement continued. "But with the unprecedented economic environment and resultant impacts on revenues, significant changes are required to regain our financial footing. Tough decisions are being made to restructure the company and work towards a successful emergence from creditor protection."
We'll have more on this story as it develops.
— Phil Harvey, Editor-in-Chief, Light Reading
Like what we have to say? Click here to sign up to our daily newsletter
Cable Next-Gen Technologies & Strategies – Making cable faster, broader, deeper, better
If you want to know where the cable tech space is heading, we've got you covered. Join the biggest names in the industry in Denver, CO on March 14 & 15 for the latest edition of Light Reading's Cable Next-Gen Technologies & Strategies conference.
Back for a record 16th consecutive year, Cable Next-Gen is the premier independent conference covering the broadband technology market. This year's edition will tackle all the top tech topics, including 10G, DOCSIS 4.0, Distributed Access Architecture, next-gen PON, fixed wireless access, network virtualization, the Digital Divide and more
Get your free operator pass here.