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BlackBerry publishes open letter

Article By: ,  Financial Analyst
October 15, 2013 12:15 PM

BlackBerry has moved to reassure investors and members of the public of its future by publishing an open letter.

The Canadian company recently announced that it made a net loss of $965 million (£600 million) in the second quarter. It has also agreed a $4.7 billion sale deal to Fairfax Financial.

But the firm has insisted that the sale will enable it to make the difficult changes necessary to strengthen BlackBerry.

"These are no doubt challenging times for us and we don't underestimate the situation or ignore the challenges," the letter, which is being published today (October 15th), says.

BlackBerry announced that a restructuring of the business will enable it to cut its costs by 50 per cent, with thousands of jobs being lost as a result.

A statement released by the firm regarding the Fairfax offer said: "Diligence is expected to be complete by November 4th 2013."

The deal was agreed after Fairfax agreed to pay $9 a share for BlackBerry.

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