Struggling handset maker has begun confidential discussions with real estate agents to move property fast, sources tell The Globe and Mail. October 2, 2013 9:55 PM PDT BlackBerry CEO Thorsten Heins may be trying to sell more than just his company (Credit: Sarah Tew/CNET) Now that BlackBerry has effectively sold itself to investors, the beleaguered handset maker is reportedly looking to unload some property as well. The smartphone maker, which owns 20 buildings in the Waterloo, Canada, has entered confidential discussions with real estate firms in an effort to get the greatest return in the shortest amount of time, sources tell The Globe and Mail. The company is said to be willing to sell its property profile and lease back space. The company, which plans to cut roughly 40 percent of its staff and sell itself to an investment group, announced Friday that it lost $965 million in its just-ended fiscal second quarter. The revelation came after the company announced in September that it had entered into a deal to sell itself a consortium of investors that valued the company at $4.7 billion. Related stories Cerberus reportedly mulling a run at BlackBerry BlackBerry concedes it can't compete with iOS, Android Britain's Times dumps app for BlackBerry, cites lack of customer interest In a statement, the company said reduction of unused office space would help it achieve its goal of reducing costs. "As we work to our target of reducing expenditures by approximately 50 percent over the next three quarters, that includes optimizing our space," the said company said in a statement. "Should space become unnecessary for BlackBerry's continued use, we will work with key partners in the community who may need some of our surplus space." According to its latest financial statement (PDF), BlackBerry's operations are based on two campuses comprised of 27 buildings -- 21 of which the company owns and the rest leased. The central Waterloo campus houses engineering, manufacturing, and research and development groups, while its north Waterloo campus consists of two recently constructed buildings that are the base for the company's corporate, administration, and finance operations.
Struggling handset maker has begun confidential discussions with real estate agents to move property fast, sources tell The Globe and Mail.
BlackBerry CEO Thorsten Heins may be trying to sell more than just his company
(Credit: Sarah Tew/CNET)
Now that BlackBerry has effectively sold itself to investors, the beleaguered handset maker is reportedly looking to unload some property as well.
The smartphone maker, which owns 20 buildings in the Waterloo, Canada, has entered confidential discussions with real estate firms in an effort to get the greatest return in the shortest amount of time, sources tell The Globe and Mail. The company is said to be willing to sell its property profile and lease back space.
The company, which plans to cut roughly 40 percent of its staff and sell itself to an investment group, announced Friday that it lost $965 million in its just-ended fiscal second quarter. The revelation came after the company announced in September that it had entered into a deal to sell itself a consortium of investors that valued the company at $4.7 billion.
Related stories
- Cerberus reportedly mulling a run at BlackBerry
- BlackBerry concedes it can't compete with iOS, Android
- Britain's Times dumps app for BlackBerry, cites lack of customer interest
In a statement, the company said reduction of unused office space would help it achieve its goal of reducing costs.
"As we work to our target of reducing expenditures by approximately 50 percent over the next three quarters, that includes optimizing our space," the said company said in a statement. "Should space become unnecessary for BlackBerry's continued use, we will work with key partners in the community who may need some of our surplus space."
According to its latest financial statement (PDF), BlackBerry's operations are based on two campuses comprised of 27 buildings -- 21 of which the company owns and the rest leased. The central Waterloo campus houses engineering, manufacturing, and research and development groups, while its north Waterloo campus consists of two recently constructed buildings that are the base for the company's corporate, administration, and finance operations.
