BlackBerry Ltd (BBRY) To Cut 300 More Jobs In Waterloo

Posted Oct 29, 2013

BlackBerry Ltd (NASDAQ:BBRY) is cutting around 300 employees in Waterloo, Ontario this week as part of a restructuring.  BlackBerry cut around 40% of their workforce earlier this month as they tried to cut costs.  That amounted to around 4,500 employees, including the 300 that was just announced.  The layoffs will be taking place this week.

BlackBerry Ltd (NASDAQ:BBRY) recently launched BBM on Android and iOS.  There are now around 20 million BBM users on those two platforms.

?We are in a period of transition and we must focus on enhancing our financial results to be in a better position to compete in this current mobile environment,? stated BlackBerry spokeswoman Rebecca Freiburger.

BlackBerry recently accepted an offer from Fairfax Financial for $4.7 billion.  However, other bidders can potentially make an offer.  Fairfax Financial has until November 4th to finalize the deal and they are required to secure financing for completing the deal. BlackBerry co-founders Mike Lazaridis and Doug Fregin are also preparing bids for the companies.