Here’s Why Nokia May Bid Farewell to Its Headquarters
As part of the struggling smartphone manufacturer’s efforts to dispose of non-core assets, Nokia (NYSE:NOK) is looking to sell its headquarters in Espoo, Finland.
Throughout the summer, Nokia has tried to improve its finances by way of massive layoffs. In July, the company announced plans to cut 10,000 jobs. Now, Finnish newspaper Ilta-Sanomat reports that the company could raise 200 to 300 million euros, or $259 to $388 million, from the sale of the large, glass enclosed office building outside of Helsinki.
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Analysts remain concerned over the company’s cash position as Nokia’s Lumia smartphones struggle to compete with Apple’s (NASDAQ:AAPL) iPhone and Google’s (NASDAQ:GOOG) Android. Nokia has burned through liquidity at a fast rate this year; in the second quarter, its net cash position fell 14 percent to $5.4 billion. While the company claims that it has ample cash reserves, the company said it is considering all possible options.
“We are evaluating different options for non-core parts, such as real estate holdings, and that includes the headquarters,” spokeswoman Maija Taimi told Reuters.
Nokia has sent documents to interested parties, but the sale is not imminent.
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