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NII Holdings Announces Job Cuts at its Headquarters

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Latin America based NII Holdings which operates under the Nextel brandname has announced that it is cutting approximately 20 percent of its workforce at its headquarters in Reston, Virginia.

The company expects to incur one-time costs in the fourth quarter of approximately $8 million related to the headcount reduction at its corporate headquarters.

"These actions will provide us with the right structure to capture the growth, scale, and accountability required to succeed in our markets and achieve our long-term growth objectives," said Steve Dussek, NII Holdings' chief executive officer. "The steps we are taking fortify our ability to leverage our high-quality services and technology in order to capture a larger share of the growing market for wireless communications in Latin America."

The company will announce its third-quarter financial results tomorrow.

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