Sprint Nextel said today it plans to cut 4,000 jobs and close 125 retail locations in an expected slowdown in subscriber growth and revenue. 

The job cuts and store closings aim to cut $700 million to $800 million a year in labor costs starting at the end of 2008. Sprint said it will also close 4,000 of its 20,000 third-party distribution points, such as stalls inside of other consumer electronics retailers. The retail store closures represent 8 percent of its 1,400 company-owned shops.

Sprint finished the year with 53.8 million subscribers.