After releasing disappointing fourth quarter results, Sprint said it is taking drastic steps to cut costs and save money as it continues to struggle with retaining customers. Sprint lost 683,000 post-paid and 202,000 pre-paid customers in the fourth quarter. In response, Sprint will cut 4,000 jobs, including management and non-management positions, as well as close 125--or 8 percent--of company owned retail stores. It will also get rid of some 4,000 third-party distribution points. It expects these actions to save the company about $800 million per year. The lay offs will take place during the first half of 2008.