Hope this will help CKY to hire new staff of their '120' goal:
Newbridge layoffs total 700, staff cut to 6,200
KANATA, Ontario, Nov 24 (Reuters) - Troubled Canadian networking gear firm Newbridge Networks Corp. (Toronto:NNC.TO - news) on Wednesday laid off 300 staff at its Ottawa headquarters, and announced 400 additional layoffs in its other operations.
Newbridge, which on Tuesday cut 200 jobs in its European operations and will cut another 200 in the U.S. next Monday, is slashing expenses after opening the door to takeover bids last week.
``Today life begins for us,' Pearse Flynn, the firm's new president and chief operating officer told reporters at the company's Kanata, Ontario, headquarters.
Flynn refused to comment on speculation over global telecommunications firms that are rumored to be looking at bidding on Newbridge.
The company, hammered by investors earlier this month after issuing its sixth earnings warning in 10 quarters, is facing a sales slow-down in the booming U.S. market for its flagship network gear which sends multimedia data across networks at high speed.
Newbridge, which will have 6,200 staff after the cuts, wants to trim costs to 36 percent of sales from 46 percent. With job cuts Newbridge is more than halfway to that target.
Flynn said the company is planning to contract out mass manufacturing and global services and said an announcement on the services side may come this week. |
