Sprint offers voluntary buyout packages
Kansas City Business Journal
Sprint Nextel Corp. is offering employees voluntary separation packages in an effort to cut costs.
The Overland Park-based wireless carrier (NYSE: S) set a Dec. 3 deadline for employees in certain areas of the company, excepting roles such as customer-facing employees, to accept a severance package, spokeswoman Lisa Zimmerman-Mott said Wednesday.
The company has not set a target for the number of job reductions it hopes to achieve through the offer, she said.
Sprint’s stock price closed at $1.95, down 22.9 percent, on Wednesday. On Tuesday, the stock price decreased as much as 26.6 percent and closed down 21.7 percent.
On Nov. 7, Sprint reported a third-quarter loss of $326 million. During the quarter, the company lost 1.3 million subscribers.
Sprint is the nation’s No. 3 wireless carrier, with more than 50 million subscribers. It ranks No. 1 on the Kansas City Business Journal’s list of area public companies.
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