Nokia is in hot water these days, it seems. The Finnish company (I always thought they were Japanese, didn’t you?) has recently made huge cuts to their staff in order to keep up with Samsung and Apple, two companies (one of which is actually Japanese) that have attracted some of Nokia’s market share over the last few years.

The phone manufacturer sadly announced its move to cut one in five jobs in its global cellphone business on Thursday. The even worse news is that the phone business would post a deeper-than-expected loss in their second quarter, blaming tougher competition. Factor in the economy in general and the impending doom over in Europe and you’ve got yourself a story worthy of Charles Dickens – that is, if it involved orphans instead of multi-billion dollar corporations.

Not too long ago, Nokia was on top, but they didn’t capitalize on the Smartphone like Google, Samsung and Apple all did and did so quite well. Nokia moved to cheaper, more basic phones but now they’re losing sales even in that market.

Nokia’s CEO Mr. Stephen Elop is crossing his fingers that the Lumia line of smartphones, which use Microsoft software, will bring about a turnaround but unfortunately sales so far have been lackluster. To make matters worse, Nokia’s stock has crashed more than 70 percent since it switched over to Microsoft’s operating system.

Nokia is exiting Finland entirely, in terms of plants, as they shutdown their only remaining cell phone factory. Total planned cuts at the company have exceeded 40,000, all of which started with Elop took over in 2010. These recent rash of job loss will lead to additional restructuring charges of around a billion euro ($1.3 billion) by the end of next year.

Needless to say, the cost of restructuring has been enormously expensive and hasn’t stopped the slow trickle of revenue. Some investors are biting their nails that the stock could call even lower.