Arkansas-Based Windstream Announces Cut Of 400 Positions
Little Rock-based Windstream Corp. is cutting 400 positions, equal to 3 percent of its workforce.
The company issued a news release Friday that says the cuts will improve its operational efficiency and save about $20 million per year. Windstream expects a first-quarter charge of between $9 million and $10 million to pay severance packages.
Windstream, which has 13,500 employees, says about 175 of the affected workers accepted buyouts.
Windstream President and CEO Jeff Gardner says the company will continue to invest in business services and consumer broadband, two areas of growth.
It began as primarily a land-line phone company and expanded into data and internet service.
The laid-off employees will also get outplacement counseling.
Windstream shares were up 9 cents at $7.86 in afternoon trading.