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