Nortel Announces Plans to Terminate 1300 Jobs

Nortel Networks (NT: 0.2845 0.00%) announced its plans to terminate some 1300 jobs through next year. Nortel’s stock has dropped over 90% over the past year. This most recent quarter saw them taking significant amounts of write-offs and forecasting slower growth and lower profit.

Norton has a presence in Santa Clara at 4655 Great America Parkway. It’s unclear how many of those 1300 jobs mentioned will be cut locally.

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