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January 18, 2008
Reston, VA. - based telecom operator Sprint Nextel Corp. announced today its intentions to cut 4,000 jobs, or 6.7 percent of its work force, and close nearly one in 10 of its company-owned retail stores.
The company had not yet determined where the cuts would take place, said Laura Porter, a company spokeswoman for the region. Sprint has nearly 900 employees in Pennsylvania, including 150 in Bensalem and more than 100 in Philadelphia, she said.
These cuts are the first major moves by Dan Hesse, who became Sprint's CEO a month ago.
In the fourth quarter, Sprint (NYSE:S) reported losing 683,000 postpaid customers, which are customers who sign on for an annual contract. The company's shares dropped 25 percent to $8.70 Friday.
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