Sprint Announces Job Cuts

(RTTNews) - Sprint Corp. (S) said in a regulatory filing Friday that it has begun implementing a workforce reduction plan to reduce costs and help become more competitive in the marketplace.

The planned reduction is expected to be largely completed by October 31, and will include certain management and non-management positions, the Overland Park, Kansas-based company said.

The company said it expects to recognize a charge of about $160 million in the second fiscal quarter of 2014 for severance and related costs, but that additional material charges associated with future labor reductions may occur in future periods.

As of July 10, 2013, Sprint operates as a subsidiary of Japan's SoftBank Corp.