Nortel to Detail Layoffs Next Week


Nortel Networks Corp. announced Aug. 19 that it would eliminate 3,500 jobs. Next week, it will outline where the cuts are coming from, Reuters reported Wednesday.

The struggling telecommunications-equipment supplier has cut more than 60,000 jobs, or almost two-thirds of its work force, over the past three years, according to Reuters.

The move is expected to help reduce annual expenses by $450 million-$500 million.

The company said last Thursday that it expects third-quarter sales to fall behind those of the previous quarter, reversing an upbeat forecast made in August.