Thursday, February 26, 2009
Nortel Networks have slash more jobs cutting another 3,200 workers worldwide as it continues its fight to survive.
The cuts represent roughly 10 percent of Nortel's workforce of more than 30,000. The laid off employees will not get severance payouts, which the cash-strapped company suspended when it filed for bankruptcy protection last month.
The latest cuts come just weeks after Nortel -- North America's biggest maker of telephone equipment -- warned in a court filing that it was working on a "detailed plan" for more layoffs.
It also said it is modifying its compensation structure to reduce bonuses and cut out its equity-based compensation plans.
Nortel filed for bankruptcy protection in Canada and the United States last month, blaming the economic crisis for derailing a turnaround effort that began in 2005.
By: DocMemory
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