You call them layoffs, we call them early terminations
AT&T Wireless has the iPhone, Verizon Wireless has The Network, and Sprint Nextel … well, it has about 4,000 employees, 125 retail stores and 4,000 other sales outlets more than it wants at the moment. In the course of reporting that, in contrast to its main rivals, its subscriber base has slid for the second successive quarter and in anticipation of more bad news ahead, Sprint today announced “streamlining” plans it hopes will cut $700 million to $800 million a year in labor costs starting at the end of 2008. The company also warned that its next earnings statement, due Feb. 28, would include a writedown of unspecified size to reflect the company’s decreased value.
As the AP explains it, “The company’s struggle dates back to Sprint’s 2005 acquisition of Nextel Communications Inc., which has left it with incompatible networks, technical glitches, a customer base filled with credit-compromised subscribers and a dubious marketing effort.” The company laid off 5,000 workers last year, then dumped Gary Forsee as CEO in October and hired Dan Hesse. “None of the moves they’ve made in the last two years have struck gold,” said analyst Jeff Kagan. “Dan has to figure out what’s broken and fix it. And he’s got to do it quickly.” Very quickly — investors wasted no time pushing the stock off a cliff.
Sprint refused to cancel dead man’s contract and bothered the family for payment!
Famil Stuck Paying for Deceased Father’s Cell
http://www.thebostonchannel.com/news/14980909/detail.html
Check your Early termination terms carefully!
Gee, has anyone told NASCAAR yet? If Sprint-Nextel terminated its sponsorship contract with NASCAR, It might save enough money to save those 4000 jobs.
Sprint was doomed long before 2005. Just outside its HQ in KS, a Sprint subscriber could not get cell service! If they can’t convince their hometown to construct cell towers they weren’t goint to go far. Also, at the very heart of Silicon Valley, Sprint would charge for roaming! Their customer service was a nightmare. My life improved drastically when I threw away their phone and their service.
If ever there was a company that deserved to go out of business that is Sprint! I was one of many customers screwed over by sprint with their policy of extending everyones contract for no reason. I hope they crash and burn!