Nortel releases 3,200

TORONTO – Nortel Networks slashes Nortel.JPG3,200 jobs worldwide. The beleaguered telecom equipment maker, which recently filed for bankruptcy protection, says the layoffs are part of a restructuring program it is undertaking to combat the current economic turmoil. Nortel CEO Mike Zafirovski says the cuts were necessary if the company is to emerge from creditor protection. The company now employs roughly 30,000 people globally, including 5,800 in Ottawa and Toronto.

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