Sprint to cut 4,000 jobs, close 125 stores

RESTON, Va., Jan. 18 (UPI) -- Struggling Sprint Nextel says it expects to eliminate 4,000 positions and close 125, or 8 percent, of its company-owned retail stores.

Layoffs are likely to be completed in the first half of the year and will include management and non-management positions, Sprint said.

The Reston, Va., company has about 20,000 total distribution points, including nearly 1,400 company-owned retail locations, the Wall Street Journal said.

Sprint said that it had a net loss in the fourth quarter of 683,000 post-paid subscribers. That more than offset a gain of over 700,000 subscribers.