Posts Tagged ‘Nortel’

Nortel Networks Corp. today said it will lay off 3,200 workers in addition to the previously announced 1,800 layoffs as it undergoes a restructuring that is part of its Chapter 11 bankruptcy filing in the U.S. and a similar creditor protection filing in Canada.

The Toronto-based network equipment provider said it could not say which locations the layoffs will occur.

In all, the 5,000 combined layoffs will reduce Nortel’s workforce by 16%, from about 30,000 to 25,000. (ComputerWorld)

Nortel Networks Corp, shares fell sharply on Wednesday after a Wall Street Journal report that North America’s biggest telephone equipment maker has sought legal advice on a bankruptcy protection scenario in the event that its restructuring plan fails.

Facing a slowdown in demand and tougher competition, Nortel has also been exploring potential assistance from the Canadian government, the newspaper reported. (Portfolio)

Nortel Networks Corp could shed between 3,000 and 5,000 jobs when it details its latest restructuring plan next week, analysts said on Tuesday.

The company, North America’s biggest maker of telephone gear, said in September that a weak economy and spending cutbacks by the telecom companies that buy its equipment will lead to lower sales. It said these factors will necessitate new job cuts, but it did not specify a number. (Reuters)