Sprint Nextel to Lay Off 4000 Workers, Close 125 Stores after Losses

Sprint Nextel, America’s third largest wireless provider, will lay off about 4,000 employees and eliminate about 125 retail outlets after it suffered a net loss of more than 100,000 customers in the fourth quarter of 2007.

The layoffs and other cost-cutting measures are expected to save the company US$700 million to $800 million a year.