Sprintâs Customer Erosion Prompts Cutbacks
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Shares of Sprint dropped 25 percent after the company said that it planned to lay off 4,000 workers and close stores to trim costs as its customer base shrinks.
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Sprint Corp.  on Tuesday reported a wider third-quarter loss due to a writedown in the value of its long-distance business.
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WASHINGTON (CBS.MW) - Sprint Corp. said Friday it will cut up to 700 jobs, write down the value of its traditional phone network and spend less money marketing standalone long-distance service.
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Sprint Corp. on Tuesday reported a wider loss for the third quarter as it wrote off &#36;3.5 billion in value for its long-distance assets.
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Sprint Nextel will lay off about 4,000 employees and close about 125 retail outlets after it suffered a net loss of more than 100,000 customers in the fourth quarter of 2007, the company said Friday.The layoffs and other cost-cutting measures are expected to save the company $700 million to $800 million a year, the company said in a news release.The company reported a net gain of 500,000 subscribers through wholesale channels, growth of 256,000 Boost Unlimited users and net additions of 20,000 subscribers within affiliate channels. These gains were offset by net losses of 683,000 post-paid subscribers and 202,000 traditional prepaid users.At the end of the year, Sprint had 53.8 million subscribers, including 40.8 million customers of its traditional post-paid service.In addition to the layoffs, to come in the first half of the year, Sprint plans to close about 8 percent of its company-owned retail locations and eliminate more than 4,000 third-party distribution outlets, the company said. Sprint now has 20,000 total distribution points, including nearly 1,400 company-owned retail locations.Sprint will announce its full fourth-quarter results on Feb. 28.
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Sprint's move to cancel problem accounts is wider than initially thought, and apparently also aimed at those who may roam too frequently. However, some are crying foul over these latest moves.
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Sprint Corp., the telecommunications giant, said yesterday it will cut 700 jobs in its business solutions division as it stops selling business long distance services outside of package deals. The cuts represent 7.8 percent of the division's workforce.
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Sprint Nextel Corp  said on  Thursday that it might have to write off all of the $30.7  billion goodwill value from its purchase of Nextel  Communications and smaller deals as it struggles with customer  losses.
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Sprint Nextel is laying off about 4000 employees and closing retail outlets after losing more than 100,000 customers in the last quarter.
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Sprint Nextel Corp  Chief Financial Officer Paul Saleh and two other senior executives are leaving the company in a new management shake-up, as the No. 3 U.S. mobile service grapples with subscriber losses.
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Sprint Nextel Corp. isn't apologizing for its decision to ax customers it determined were calling customer service too often.
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Sprint is canceling some fees it charges to cover its own costs and replacing them with other âregulatoryâ and âadministrativeâ fees. The money goes to Sprint, not the government.
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Sprint Corp. FON.N on Tuesday  reported a wider third-quarter loss due to a writedown in the  value of its long-distance business.
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Sprint Corp. , said on Friday it plans to reduce by up to 700 jobs in its business solutions unit as it realigns its business to focus on wireless and Internet-based telecommunications offerings.
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When Gary D. Forsee took over as chief executive of Sprint Corp. 20 months ago, the phone company was reeling from the telecom bust, burdened by debt and grappling with bigger
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Sprint Nextel Corp  Chief  Financial Officer Paul Saleh and two other senior executives  are leaving the company in a new management shake-up, as the  No. 3 U.S. mobile service grapples with subscriber losses.
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Sprint Corp. (FON.N: Quote, Profile, Research) on Tuesday reported a larger third-quarter loss due to a $3.5 billion write-down in the value of its long-distance assets.