Categories: Uncategorized

For Sale: One RIM Corporate Jet

Research In Motion Ltd. (RIM), which has lost 95 percent of its market value since 2008, is selling one of its two business jets under a plan to save $1 billion in operating costs, two people with knowledge of the matter told Bloomberg.

The jet sale is part of a plan aimed at saving RIM $1 billion in annual operating expenses that also includes slashing 5,000 jobs from company payrolls. Some RIM employees are also being asked to work six days a week and forfeit vacation time. Bloomberg calculates that the corporate jet RIM is trying to sell will save the company only around $2.1 million in operating costs, although Bill de Decker, the founder of business jet consulting firm Conklin & de Decker, tells Bloomberg that selling off such corporate assets are necessary to keep employee morale high in the midst of job cuts. “With corporate aviation, the symbolism far outweighs the dollars,” he said.

“We’re looking at options with both our aircraft costs and finding ways to reduce our travel while still making sure we keep in close contact with our partners around the world,” Waterloo, Ontario-based RIM said in a statement in response to inquiries from Bloomberg. “It’s all part of the effort to find ways to reduce costs and drive efficiencies that Thorsten Heins has talked about.”

Source: Bloomberg

Prateek Panda

Prateek is the Founder of TheTechPanda. He's passionate about technology startups and entrepreneurship and enjoys speaking to new founders every day. Prateek has also been consistently regarded as one of the top marketing experts in the region.

Recent Posts

Why everything is a subscription now & what it means for your wallet

In the last decade, purchasing and accessing products and services have undergone a radical transformation.…

6 hours ago

Mumbai students win big at robotics championship in Chicago, headed to world finals

In an exceptional achievement, Mumbai-based high school robotics team Sigma 9692 has won the prestigious…

8 hours ago

Indian gaming shifts from audience to creator “given India’s mobile-first gaming capabilities”

The Indian gaming industry is sitting on an industry explosion in the near future as…

1 day ago

Transforming modern business operations: How Microsoft 365’s AI Integration is automating HR workflows & enhancing employee experiences

In today's fast-paced business world, when employee fulfillment and efficiency are crucial, technology has become…

1 day ago

Outbound & inbound: India attracts businesses from UK, China & US while expanding to Middle East

The Tech Panda takes a look at how India has been attracting foreign businesses from…

2 days ago

UPI value & volume surpass records in March

India’s digital payments ecosystem achieved a record high in March, with UPI transactions reaching INR24.77…

2 days ago