Naperville-Based Tellabs to Lay Off 300; Stock Sinks

Tellabs shares fell to an almost 20-year low Friday, prompting the company to announce plans to cut jobs this year, Businessweek reports.

Naperville-based Tellabs announced plans to cut about 300 jobs this year, Businessweek reports.

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The lay off amounts for about 12 pecent of its 2,600 staff. Tellabs shares fell 6.9 percent Friday to an almost 20-year low, Businessweek reports.

Tellabs posted a loss of $23.3 million in the last three months of 2012, down 23 percent a year earlier. The company also announced it will be discontinuing its 9200 router line, according to Businessweek.

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