RESTON, Va. (AP) — Wireless phone company Sprint Nextel Corp. said Friday it plans to slash 4,000 jobs and close 125 retail locations in a move to gird itself for an expected slowdown in subscriber growth and revenue.

The move aims to cut $700 million to $800 million a year in labor costs starting at the end of 2008. The company said it will book a charge in the first quarter to cover severance costs, but did not disclose the amount.

Sprint said it will also close 4,000 of its 20,000 third-party distribution points, such as stalls inside of other consumer electronics retailers. The retail store closures represent 8 percent of its 1,400 company-owned shops.

Sprint finished the year with 53.8 million subscribers.

The company also said it could record a goodwill impairment charge in the fourth quarter to reflect the decreased value of its assets and share price.

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