Things just got darker at Nortel Networks (OTC-NRTLQ) (Former “NT on NYSE). The company today announced an additional 3,200 job cuts.
Nortel expects these reductions to occur over the next several months. The company also says that the new reductions are “incremental to the 1,800 remaining reductions from previously announced plans that require completion.”
Try asking Nortel workers how incremental the layoffs feel. In bankruptcy filings, there are rarely any golden parachute packages nor any great layoff packages for fired workers.
What is more amazing than the malaise we have been predicting all along at Nortel are two key factors:
- Mike S. Zafirovski is STILL the CEO…. he needs to go. Period.
- Why this stock is still trading? It represents nothing more than a warrant that only has value if everything goes in Nortel’s favor. With everything going against it for the better part of a decade, why should things change now?
Jon C. Ogg
February 25, 2009
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