Tenet Healthcare Corp. (THC) - Get Report is eliminating 1,300 positions as part of its $150 million cost-cutting initiative. 

The layoffs would represent about 1% of its total workforce. 

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Tenet shares took a hit in trading yesterday after it was reported that the company was ending a process to sell itself. The company has been implementing cost-cutting strategies in an effort to reduce its $15 billion in long-term debt. 

Tenet expects pre-tax restructuring costs of about $40 million in the fourth quarter related to severance payments that will begin in the upcoming quarter. 

The company expects to save about 75% by eliminating its regional management layer. The company also plans to renegotiate terms with vendors and suppliers. 

Tenet shares rose 3.81% Friday. 

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