Sprint to Close 125 Stores
Reston, Va., Sprint Nextel Corp. will eliminate about 4,000 jobs, close more than 4,000 third-party distribution points, and shutter about 125, or 8%, of its company-owned retail locations.
In a filing with the U.S. Securities and Exchange Commission, the company said it expects to take an accounting charge of about $200 million for severance and related costs associated with the layoffs.
Sprint Nextel said it expects to complete the job cuts in the first half of the year, with final reductions complete by the end of June. The cuts will include management and non-management positions throughout the company.