3 to Cut 325 Jobs
says move part of a staff 'realignment'
April 3, 2001 -- Level 3 Communications, Inc. today said
it will eliminate 325 jobs as it realigns its workforce to focus
on sales and network operations.
cuts represent 6 percent of Level 3's staff. In a statement, company
officials cited the completion of its worldwide network and the
need to remain financially strong as factors in the layoffs.
"Today's announcement is consistent with our continuing
efforts to ensure we are well positioned both financially and
operationally to capitalize on market opportunities as they develop,''
said Level 3 CEO James Q. Crowe.
"With the completion of the Level 3 Network, our company
is increasingly focused on leveraging the substantial competitive
advantages of infrastructure we have built over the last 36 months,''
said Crowe. "While we anticipate that our total employment
will grow during the year, we expect our hiring to be primarily
in the key areas of sales, provisioning and network operations."
The announcement came on a day when Level 3's shares were down
sharply as part of a broad selloff on the NASDAQ market, with
tech stocks particularly hard-hit. At mid-afternoon, Level 3 was
down $3 at $12.08, a drop of 20 percent on the session.
Just last week, the company announced the opening of Internet
gateway centers in Pittsburgh, Pa. and Princeton, N.J.
Denver-based Level 3 offers
bandwidth services in more than 150 Internet and communications
centers in North America, Europe and Asia, including 50 advanced
Level 3 data centers and 100 data centers being leased from other
providers. Level 3 said its customer base has exceeded 2,400 communications
intensive customers, including Akamai, Microsoft, EarthLink and