What an ignominious end to the Nortel saga; talk about the death of a company in slow motion.
Last week, Nortel executives reduced financial guidance for the year, warning that the company would shrink by about 4 per cent. Saying that the status quo was no longer an option for the maker of network equipment, officials said they had begun talking to potential buyers for the metro ethernet networks unit.
The division, one of the fastest-growing portions of the company, makes gear for delivering multimedia content over local broadband networks. It accounted for 13 per cent of Nortel’s $5.38-billion (U.S.) in revenue in the first six months of the year.
You know it’s bad when you’re selling off the future of the company! It’s the inability to think beyond the current situation that causes a lot of problems.
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