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NII Holdings Inc. Downsizing 1,400 Jobs


NII Holdings Inc., a vendor for Nextel branded wireless service in Latin America, plans to downsize 1,400 jobs and shrink its headquarters work staff by 25%, as the carrier struggles to keep its subscribers. In a statement issued by the company, employee severances will costs $35 million, the cuts are expected to raise $56 million is annualized cost saving. NII shares are down 5.3% to $2.50. The stock is down 63% from a year ago.