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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 9, 2009
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SPRINT NEXTEL CORPORATION
(Exact name of Registrant as specified in its charter)
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Kansas 1-04721 48-0457967
(State of Incorporation) (Commission File Number) (I.R.S. Employer
Identification No.)
6200 Sprint Parkway, Overland Park, Kansas 66251
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (800) 829-0965
(Former name or former address, if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
|_| Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Item 2.05 Costs Associated with Exit or Disposal Activities.
On November 6, 2009, the Board of Directors of Sprint Nextel Corporation (the
"Company"), in response to the decline in revenues and profitability during 2009
from post-paid subscriber losses in prior periods, approved actions to continue
to reduce operating costs through a workforce reduction with a target of about
2,000 to 2,500 positions, which is expected to reduce internal and external
labor costs by at least $350 million on an annualized basis. The workforce
reduction is expected to be largely completed by the end of the fourth quarter
and will include management and non-management positions throughout the Company.
The Company expects to recognize a charge of approximately $60 million to $80
million in the fourth quarter of 2009 for severance and related costs. The
severance and related costs are primarily determined based on an existing
severance plan. The majority of the above estimated charge is expected to result
in cash expenditures during 2010.
A copy of the press release announcing these actions is furnished as Exhibit
99.1 to this Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
The following exhibit is furnished with this report:
Exhibit No. Description
99.1 Press Release Announcing Labor Cost Reduction, dated
November 9, 2009.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SPRINT NEXTEL CORPORATION
Date: November 9, 2009 /s/ Timothy O.Grady
By: Timothy O'Grady
Assistant Secretary
EXHIBIT INDEX
Number Exhibit
99.1 Press Release Announcing Labor Cost Reduction, dated November 9,
2009.