TORONTO – Nortel will reduce its workforce by an additional net 3,200 positions worldwide, the company announced Wednesday.
The reductions will happen over the next several months, “in accordance with local country legal requirements”, the statement read. “These new reductions are incremental to the 1,800 remaining reductions from previously announced plans that require completion”.
"There is nothing more difficult than notifying employees, and Nortel is extremely conscious of the personal financial burden this will cause affected employees and their families," said president and CEO Mike Zafirovski, in the announcement. "Nortel is a company driven by people and innovation. But with the unprecedented economic environment and resultant impacts on revenues, significant changes are required to regain our financial footing. Tough decisions are being made to restructure the company and work towards a successful emergence from creditor protection."
Nortel says it is in the process of preparing a “comprehensive business and financial restructuring plan” with the goal of emerging from the creditor protection process as “a more focused and competitive company”.
More information about Nortel’s restructuring process can be found at www.nortel.com/restructuring
