Level 3 layoffs to be felt locally
Last Updated: 12:44 September 3, 2013
A statement from Broomfield-based Level 3 (NYSE: LVLT) said the company would be laying off 700 employees out of its 10,600 total. The operator of global fiber optic networks employs about 2,700 people in Broomfield.
The layoffs began recently and will occur over a period of weeks, with Sept. 30 being the last day for most of the affected employees.
“As our business continues to evolve, Level 3 is focused on aligning our resources to maintain a differentiated customer service experience, while also driving profitable growth,” chief executive Jeff Storey said in the company-issued statement. “Streamlining our business operations to efficiently and effectively respond to the complex demands of the enterprise market and other core aspects of our business is critical to achieving our long-term objectives.”
Storey replaced longtime CEO Jim Crowe in April.
Level 3 reported revenue of $1.57 billion and a net loss of $24 million for the second quarter of this year. While the company has narrowed losses recently, its second-quarter report this year marked the 18th in a row in which Level 3 reported a loss.
More breaking news...
WhiteWave buying Earthbound Farm
Jobs grant will aid flood-impacted counties
Broomfield-based WhiteWave (NYSE: WWAV) said the deal is expected to close in the first
Job growth to continue in state next year
About 230 temporary workers will be hired to clean up and repair areas in