Sprint to cut 8000 jobs

**lawmangrant** · #1 (**permalink**) 01-26-2009, 11:18 AM

Here is a link to an article on FoxBusiness.com about them laying off 8000 workers as they try to save 1.2 billon in money.

LINK: http://www.foxbusiness.com/story/mar...minate-k-jobs/

Quote:

KANSAS CITY, Mo.--Sprint Nextel Corp.(S: 2.5, 0.03, 1.21%) is eliminating about 8,000 positions in the first quarter as it seeks to cut annual costs by $1.2 billion.

The nation's third-largest wireless provider said this morning it will complete the layoffs largely by March 31. About 850 of the reductions are voluntary and the company said it expected a charge of more than $300 million for severance and other costs.

The Overland Park, Kan.-based company is also suspending its 401(k) match for the year, extending a freeze on salary increases and is suspending a tuition reimbursement program.

**schettj** · #2 (**permalink**) 01-26-2009, 11:30 AM

Yep, depressions usually suck for jobs. Expect more bad news this year. Lots more.

dustinroberts1703 · #3 (**permalink**) 01-26-2009, 11:36 AM

This does suck I work for sprint in the retail side. On a good note for me atleast is the cuts will not be on the retail side for the most part.

rose1 · #4 (**permalink**) 01-26-2009, 11:36 AM

Sucks, hopefully they can hang in there and not have to file bankruptcy

**lawmangrant** · #5 (**permalink**) 01-26-2009, 02:12 PM

I dont think bankruptcy will happen.

I see them selling nextel off before that would be a choice.

neodorian · #6 (**permalink**) 01-26-2009, 02:52 PM

Also they are sitting on over a billion in cash. Looks like a trimming needed to stay in business. I guess whatever it takes to stay afloat...

Like I said on BGR, I hope they can stay in the game because an ATT/VZW duopoly would suck for my wallet.

Also I want the Pre on a nice cheap plan.

dallas contractor · #7 (**permalink**) 01-26-2009, 04:17 PM

I guess thats why they want to charge me almost full price for a TP 13 months into contract and longggg time business customer, only 75 dollars off was it. Will call back latter.

**skeegcpp** · #8 (**permalink**) 01-26-2009, 04:26 PM

Quote:

Originally Posted by lawmangrant

I see them selling nextel off before that would be a choice.

speaking of iDEN, what happened to that network, man?? why did they just let it collect dust and not improve it? I understand business and stuff, but if they could've just improved the iDEN network instead of just using the chirp feature, they prolly could've kept those nextel customers who left bcuz of the merger?? idk, but an improved iDEN network and all the stuff sprint provides might help their business.
as of this post, Sprint stock selling at $2.51

thats only like 10% of what their competitors are trading at...jus a window into the stock world for sprint