Sprint to close 125 stores, cut 4,000 jobs

Sprint Nextel has announced that it will close 125 of its retail stores, eliminate over 4,000 3rd party distribution points, and cut 4,000 jobs. Company officials say they expect the cuts to be complete by June. The job cuts affect most departments, including sales, marketing, product and development, network, information technology, finance, human resources, legal and communications but will not be extended to the customer service or repair departments. Sprint, the third largest provider, has been struggling to compete with Verizon and AT&T since it’s botched merger with Nextel two years ago and lost 683,000 subscribers last quarter. Sprint says the moves will save $700 to $800 million a year.

Read[The Washington Post]