Job Cuts at Nortel
Thursday, February 26 2009
by David Brower
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Nortel says is will cut another 3,200 positions in coming months. These job reductions will be world-wide and are in conjunction with 1,800 positions previously on the chopping block. Nortel has about two-thousand employees in the Triangle. There is no word on how many jobs will be affected. The move is no surprise. Nortel is undergoing major restructuring. Last month, the telecommunications equipment maker filed for bankruptcy in the United States and in Canada. A statement from Nortel released yesterday says the company will not pay any 2008 bonuses and is working with the courts to terminate its equity based compensation plans - which includes stock options.
