Nortel Posts Big Loss, Faces Calls to Break Up
By Sara Silver and Joann S. Lublin
Nortel Networks Corp. posted a $3.41 billion quarterly loss and said it plans to lay off 1,300 more workers, raising questions about its chief's turnaround strategy and fueling demands to break up the troubled company.
The Toronto-based company, which sells gear to telecommunications providers and corporations, has undergone several restructurings as it has struggled with slumping demand.
On Monday, Chief Executive Mike Zafirovski said Nortel, which has about 31,000 employees, will cut $400 million in costs next year. He also announced the departure of a slate of executives whom he had recruited to energize his turnaround.
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