Sprint today revealed it began a series of layoffs on Sept. 30 and expects the job cuts will conclude on Oct. 31.
In an SEC filing, Sprint said its “workforce reduction plan” is geared toward helping it “reduce costs and help become more competitive in the marketplace.”
The company is expecting a charge of $160 million to show up on its next-quarter results. The amount is attributed mostly to severance and related expenses and Sprint said “additional material charges associated with future labor reductions may occur in future periods.” Sprint said the majority of the $160 million will result in cash expenditures by March 31, 2015.
Shortly after CEO Marcelo Claure took over for departing Chief Dan Hesse, the new head of Sprint warned employees that the need to drive down operational costs would likely lead to job cuts.
The filing did not offer a specific number of jobs that would be eliminated. Sprint only mentions the cuts will include certain management and non-management positions.