WSJ.com: US Business
BlackBerry Stuck With $1 Billion in Unsold Phones
Article Excerpt
BY WILL CONNORS AND SHARON TERLEP
BlackBerry Ltd. took an ax to its operations Friday, saying it would cut its staff by 40% and stop selling devices to consumers after its attempt to regain its footing in the smartphone market failed.
The plan radically diminishes a company that popularized mobile email and minted millionaires in its native Canada, but which lost its market to rivals like Apple Inc. and Samsung Electronics Co. with disastrous results.
With its sales eroding quickly, BlackBerry has little choice but to speed its search for a buyer of its assets.
Chief Executive Thorsten Heins worked for the past two years to ...
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