BlackBerry explores sale of Waterloo properties
Real estate offload part of cost-cutting exercise for troubled smartphone vendor
Flagging Canadian smartphone vendor BlackBerry is exploring the possibility of offloading some of its properties in Waterloo, Onterio.
The news was first reported yesterday by Canadian daily The Globe and Mail, and tech site AllThingsD claimed to have independently confirmed it.
BlackBerry is in the midst of preparing for a takeover by its number-one shareholder Fairfax Financial Holdings. The company is now working to halve its expenditure over the next three quarters. The selling of properties follows news of a plan to downsize the company’s workforce by 4,500 by the end of the year.
BlackBerry’s market capitalisation has plummeted from a 2008 high of over $80bn to around $5bn when it was forced to look for buyers.