Layoffs, Stock Market
Nortel on a quick slide to hell
Here’s a double-whammy: a 90-day loss of $3.41 billion and 1,300 employee layoffs. This is the hot-water that telecom Nortel Networks finds itself in and the reason why investors and analysts are calling for the company to be broken up. Shares of Nortel took a 26% nose-dive today as investors fled from the fledgling company.
The company’s CEO, part-time brain surgeon Mike Zafirovski, had this to say about the blood-letting restructuring:
“Our new structure will be simpler, streamlined and more appropriate for business today.”
Hey Mikey, companies are supposed to think about tomorrow… get your bullshit soundbyte straight next time.
[Toronto Star] Nortel slashes another 1,300 jobs
Can you hear me now?
[...] that a bankruptcy filing from Nortel Networks is a “distinct possibility.” The company just laid off 1,300 and will have to sell assets in order to stay afloat. Nortel has a major debt load, and a stock [...]