BlackBerry's job-cutting expenses at $400 mn

BlackBerry Ltd expects to record about $400 million in restructuring charges, four times the amount it originally projected, as the company cuts its workforce by 40 percent and sells off equipment and real estate.

The expenses cover the cost of laying off 4,500 workers, a move that will reduce BlackBerry's staff to about 7,000 people, the Waterloo, Ontario-based company said in a regulatory filing late yesterday. As part of its cost-cutting plan, BlackBerry plans to unload factories, manufacturing gear and property. Those assets will be listed separately on its balance sheet until they are sold, the company said.

BlackBerry might also sell some of its real estate to raise money, the Globe and Mail newspaper said on Wednesday. Citing sources, the Globe said BlackBerry had asked real estate companies to "outline ideas to generate the largest possible return in as little time as possible."