**Editor’s Note: Click here for a recap of layoffs impacting some of the biggest names in communications.**
Sprint is going to pay $15 million more than first estimated for its layoffs that will continue through June.
The news came on Wednesday afternoon, just minutes after trading closed on Wall Street.
Sprint said in January it would take a charge of about $165 million in the fourth quarter of 2013 for those severance costs. But now, the wireless service provider expects to take another charge of about $15 million for the first quarter of 2014.
“At that time, the company was unable to estimate the total amount of costs expected to be incurred from the workforce reduction plan,” Sprint wrote in a filing with the Securities and Exchange Commission on Wednesday.
Sprint added, “The majority of the above estimated charges are expected to result in cash expenditures by Dec. 31, 2014.”
The Overland, Kan.-based operator started its “workforce reduction plan” on Jan. 16; the job cuts are slated to last through through June 30. Sprint is trying to cut costs “and better meet the changing dynamics of the marketplace,” it told the SEC in January. Sprint is the third-largest wireless operator in the United States and faces stiff competition from No. 1 Verizon Wireless and No. 2 AT&T.
Sprint has not specified how many jobs it plans to eliminate, or in which divisions, just that they will encompass management and non-management. At least one wave took place in March, with the elimination of more than 1,500 call center positions.
Sprint has laid off thousands of people over the years. The most recent round came last summer, after the SoftBank deal was completed.
The deadline to enter Channel Partners Digi Awards is less than a month away. Don’t miss your opportunity to be rec… twitter.com/i/web/status/1…
January 18 2019 @ 17:55:05 UTC
Don’t miss your chance to enter the Digi Awards, Channel Partners newest awards program recognizing partners delive… twitter.com/i/web/status/1…
January 17 2019 @ 18:50:04 UTC