Sprint Nextel to cut 4,000 jobs

Wireless carrier loses 683,000 postpaid customers

By Jeffry Bartash, MarketWatch

WASHINGTON (MarketWatch) -- Sprint Nextel Corp. said Friday it would eliminate 4,000 jobs and close 8% of company-owned retail stores amid the loss of more key customers to rivals.

The store closings and the 6.7% reduction in Sprint's workforce represent the first major moves by new Chief Executive Dan Hesse, who was hired last month.