Research In Motion won't confirm if layoffs have started

CTVNEWS

Research In Motion won't confirm if layoffs have started

The Canadian Press Published Tuesday, June 21, 2011 1:12PM EDT

Research in Motion, RIM, offices are seen in Waterloo, Ont. on Monday, June 20, 2011.

Text:

WATERLOO, Ont. - BlackBerry maker Research In Motion (TSX:RIM) isn't yet confirming if layoffs have begun at the Canadian tech company.

But a radio station in Waterloo, Ont., where RIM is headquartered has reported that as many as 200 employees received layoff notices Monday and that many of the jobs are thought to be in manufacturing.

It announced plans last week to cut jobs as it works to roll out new smartphones and updated tablets in a bid to stay competitive with Apple and Android devices.

Co-CEO Jim Balsillie has said the job cuts won't be in areas that are critical to growth.

Meanwhile, shares in Research In Motion were up $1.24 or almost five per cent at $26.65 in early afternoon trading on the Toronto Stock Exchange.

RIM shares fell nearly 20 per cent on Friday as investors responded to a rash of analyst pessimism about the company's prospects.