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Failed networking gearmaker Nortel(NT Quote) is pulling out the ax again with plans to cut another 3,200 employees, or about 11% of the total workforce.
The Toronto telecom equipment supplier, which is in Chapter 11 bankruptcy protection, says the new cuts are additional to the 1,800 job cuts previously announced.
"Significant changes are required to regain our financial footing," CEO Mike Zafirovski said in a press release Wednesday. "Tough decisions are being made to restructure the company and work towards a successful emergence from creditor protection." ...
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