February 25, 2009

Nortel to Cut 3,200 Jobs in Bid to Exit Protection

According to Bloomberg: “Nortel Networks Corp. plans to cut 3,200 jobs worldwide, a tenth of the total, as the unprofitable phone-equipment maker works on emerging from bankruptcy protection.

The reductions, in addition to 1,800 announced previously, will occur over the next several months, the Toronto-based company said today in a statement. Nortel also won’t pay any bonuses under its incentive plan for last year.”

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