Analysts are predicting as many as 5,000 layoffs worldwide at RIM in an effort to save $1 billion, which is approximately one third of the company's workforce.
Like the once dominant Nokia, RIM, formerly the clear smartphone leader in the US with its iconic Blackberry, has been devastated first by the emergence of the iPhone and then the various Android devices that have hit the market, such as the Samsung Galaxy.
The dysfunctional atmosphere and air of desperation at RIM become apparent in April when the company staged a ludicrous stunt outside Australia's first Apple Store in central Sydney, with hired protestors carrying placards exhorting iPhone users to "wake up". Needless to say, the stunt fell flat and was widely criticised by media around the world.
According to RIM watchers, the latest attempt by the company to find an acquirer is also likely to fall flat, as all attempts to halt the Blackberry's rapidly declining marketshare and revenues have failed miserably.