Nortel posts big loss, to cut 1,300 jobs

Nortel posts big loss, to cut 1,300 jobs


Nortel Networks Corp. announced Monday that it will slash 1,300 more jobs, including key management positions, and freeze salaries after posting a $3.4-billion third-quarter loss.

"The tough economic conditions are clearly evident in the impact on Nortel's business," company spokesperson Mohammed Nakhooda told reporters gathered outside the company's headquarters in Toronto. "In response, we are taking decisive action to reposition the company, cut costs and preserve our cash base."

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