RIM halts business for crisis meeting

Macworld Australia Staff
30 May, 2012
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Canadian smartphone manufacturer Research In Motion (RIM) have halted today’s trading in order to issue a “business update” to its shareholders.

CEO Thorsten Heins in a press release states RIM has sought assistance from J.P. Morgan Securities and RBC Capital Markets “in reviewing RIM’s business and financial performance.”

“These advisors have been tasked to help us with the strategic review we referenced on our year-end financial results conference call and to evaluate the relative merits and feasibility of various financial strategies, including opportunities to leverage the BlackBerry platform through partnerships, licensing opportunities and strategic business model alternatives,” Heins said in a statement.

In March the BlackBerry manufacture temporarily paused its trading activities in a similar manner to announce its poor fourth quarter financial results and former co-CEO Jim Balsillie was stepping down from the board of directors.

The crisis at RIM was confirmed yesterday with 6000 employees set to lose their jobs, with the first wave to be dismissed by June 1.

The layoffs will affect almost 40 percent of the 16,500 global RIM workforce and believed to include employees in HR, legal, marketing, sales and operations departments.





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