us ntelos job cuts 111009
On the homepage
Sunday's paper
Out There
Reusse/Souhan
Schools
NTELOS plans to cut 3 percent of work force, expects charges totaling $1.5 million in 2009
Print this story
E-mail this story
Save to del.icio.us
Share on Facebook
Share on Digg
Minnesota business by the numbers
See Minnesota's top earning companies, CEOs and non-profits
More from Business
WAYNESBORO, Va. - NTELOS Holdings Corp., a wireless phone service provider, said Tuesday it plans to cut about 3 percent of its work force amid the economic downturn. It expects to book related charges of about $1.5 million this year.
The company plans to cut 37 support workers, offer early retirement packages to 11 other employees and eliminate "some number" of unfilled positions, said spokesman Michael Minnis.
The 37 job cuts will be made mainly at the company's Waynesboro, Va., headquarters and will have minimal impact on jobs that deal with customers, he said. NTELOS employs about 1,200 people.
The moves are expected to result in charges of $1.5 million in 2009 and lead to savings and future expense reductions of about $4 million in 2010.
"We regret the impact this will have on our employees," CEO James S. Quarforth said in a statement. "Economic conditions over the past year have impacted our wireless business and as the wireless industry matures, it is proper for us to proactively take these measures to support continued growth."
Shares of NTELOS slipped 2 cents to $14.98 in morning trading.
Recent Business stories
Daktronics posts sharply lower 2Q profit, sees worse than average decline in 3Q sales - November 10, 2009
Daktronics posts sharply lower 2Q profit, sees worse than average decline in 3Q sales - Daktronics Inc., a maker of large video displays and electronic scoreboards, said Tuesday its fiscal second-quarter profit dropped sharply and it said it expects sales to drop more than average in the third quarter. More
- 2 charged with running $190M Ponzi scheme
- FDA says Cheerios health claims lack evidence
- Minnesota's banks are bruised, but healing
- No verdict; Petters jury to resume deliberations Monday
- Toyota to replace 3.8M gas pedals
- China executes 2 for role in tainted milk scandal
- 'Good Morning America' cancels Lambert
Blog: Patent Pending
Lights out at U energy conference. Irony police notified.
Just as Lawrence Kazmerski, a top official at the National Renewable Energy Laboratory, was about to give the keynote address at the University of Minnesota's annual E3 conference at the RiverCentre in St. Paul, the lights went out, bathing the audience in darkness and a deep sense of irony.
Comment on this story | Be the first to comment | Hide reader comments