Sprint Nextel (NYSE:S, news, filings) has announced more layoffs to the tune of 2000-2500 by the end of the year, which includes some reductions mentioned last week or so in the wholesale group and will be from across the company. They will also be cutting back on outside contractors and other labor costs. The company is looking to find annual savings of some $350M annually and will take a charge of $60-80M in the fourth quarter for severance and such.
For those affected, I hope you all land on your feet – to say this is a tough time to be looking for a new job is definitely understating things. I can’t say I’m surprised though. While Sprint has slowed its downward revenue spiral, they have not reversed it and to keep costs in line such actions were probably inevitable. And they probably aren’t the only company to be announcing further cutbacks, the annual holiday layoff parade seems to be underway – hopefully it won’t have more floats than necessary.
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