On July 25, 2011 RIM announced they would be laying-off 2,000 workers which is eleven per-cent of their employees world wide. After the announcement the RIM stock dropped 4.84 per-cent to $25.19. Before the announcement on July 25th they dropped 52 per-cent on the year. The company said that there would be a variety of different departments being layed-off but most of the jobs would be in Waterloo, Ontario. The employees would be receiving a package of a few months pay and because of the competition with the other smartphone companies they would be laying-off 17,000 more employees world wide.
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