Sprint Corp. said it plans to cut an additional 550 jobs as part of its previously announced corporate restructuring initiative that will result in a total of 5,850 job cuts for the telecommunications provider. The company noted the cuts, which were reported in a Securities and Exchange Commission 10-Q filing, would be achieved through attrition, voluntary and non-voluntary cuts at a cost not to exceed $215 million.
The restructuring plans were announced in 2003 and called for the company to realign its business into two units serving corporate customers and individual consumers. The company previously operated with three units serving long distance, local and wireless customers.
Sprint said in the filing that it has already slashed 5,300 jobs as a result of its restructuring plans at a cost of $192 million in pre-tax charges primarily for severance benefits.
Sprint has also announced that its pending acquisition of Nextel Communications Inc. would lead to an undisclosed number of job cuts following the closing of the deal that is expected later this year.
