Sprint/Nextel Layoffs
US WIRELESS mobile phone company Sprint Nextel announced Friday that it plans to cut 4,000 jobs and close 125 company owned retail stores plus 4,000 third-party retail outlets, in anticipation of slowing service growth and revenue.
The announcement comes after Sprint's 2005 acquisition of Nextel was followed by several quarters of poor performance that the company attributed to difficulty attracting new subscribers and customer service problems.
The result to the stock? Nice plunge.
