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NTELOS plans to cut 3 percent of work force, expects charges totaling $1.5 million in 2009
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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.
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