RIM to sell corporate jet as part of cost cuts --report
StocksResearch In Motion LtdRIM.TO$7.87+0.07+0.90%19:04:27 IDTResearch In Motion LtdRIMM.O$7.73+0.06+0.78%19:04:27 IDT
July 10 | Tue Jul 10, 2012 6:26pm IST(Reuters) - Research In Motion Ltd will sell one of its two corporate jets as part of an effort by the embattled smartphone maker to save $1 billion in annual costs throughout its operations, a report said on Tuesday.
The BlackBerry maker has put its nine-passenger jet up for sale, looking to fetch some $6 million to $7 million, Bloomberg News reported, citing unidentified sources with knowledge of the matter. RIM will hold on to its 14-passenger jet.
A company spokesperson was not immediately available to comment on the story.
Overall, Waterloo, Ontario-based RIM is looking to save some $1 billion in operating costs this year through efficiencies, including layoffs, as its BlackBerry smartphones loses market share and losses mount.
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Tuesday, July 10, 2012