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Sony eliminates two divisions, restructures electronics unit

March 27th, 2012

In a effort to cut costs and improve its financial situation, Sony is eliminating two divisions at its main electronics unit, promoting three executives and keeping a close eye on its money-losing television unit, Bloomberg’s Businessweek reported on Tuesday. The Japanese company will shut down its consumer products and services group, which handled consumer-level electronics, …

Sprint boots four execs, restructures enterprise and consumer businesses

January 6th, 2012

Sprint’s CEO Dan Hesse said in a note to employees Friday that Sprint will merge the marketing and sales teams of its enterprise and consumer businesses into one body. Hesse said the carrier is restructuring in an effort to better streamline its operations, Reuters reported on Friday. As a result, Sprint is also removing four …

Nokia Siemens to slash 17,000 jobs by 2013 in restructuring move

November 23rd, 2011

After Nokia and Siemens failed to sell Nokia Siemens Networks, the joint venture announced on Wednesday that it will cut 17,000 jobs around the globe by 2013 as part of a restructuring move that will focus on services and mobile broadband. “Our goal is to provide the world’s most efficient mobile networks, the intelligence to …

Cisco could cut 10,000 jobs to boost profit

July 12th, 2011

Cisco could cut as many as 10,000 jobs — 14% of the company’s employees — in an effort to boost profits, Bloomberg reported on Tuesday. 3,000 Cisco employees accepted buyouts and early retirement packages, which will cost Cisco between $500 and $1.1 billion during the fourth quarter. While the layoff plans aren’t final, 7,000 more …

Nokia to cut 4,000 jobs, move 3,000 as restructuring continues

April 27th, 2011

Finnish handset giant Nokia continues its restructuring in an effort to trim overhead and return to profitability. The BBC is reporting that the company will cut 4,000 jobs worldwide and jettison an additional 3,000 positions to Accenture — the consulting company set to manage the Symbian mobile operating system going forward. “With this new focus, we …

Bloomberg: Nokia's retooling could lead to 6,000 lost jobs

April 13th, 2011

A report filed by Bloomberg paints a grim picture for Nokia Oyj workers the world over. With an announced and looming restructuring in the works, the publication writes that “a reduction in research and development activities is set to be announced by the end of the month” and that “as many as 6,000 jobs” could …

Blockbuster filing for bankruptcy

September 23rd, 2010

Via a press release, Blockbuster has announced a “pre-arranged” bankruptcy in order to “recapitalize” and “substantially reduce its indebtedness.” The Chapter 11 filing will take the embattled company’s debt from roughly $1 billion down to $100 million; the filing is for the company’s U.S. branches only. “Blockbuster franchise locations in both the U.S. and abroad are independently owned, operated …