Qwest warns, cutting jobs...
Thursday, December 13th 2001, 12:00 am
By: News On 6
(Denver-AP) -- Qwest Communications International plans to cut another seven-thousand jobs, warning that revenue for this year and next will fall short of Wall Street's expectations.
In a statement, Qwest says it is reducing its work force to 55-thousand in order to meet reduced customer demand.
The company says it expects to eliminate the jobs through attrition and efficiency improvements. It will take a charge of up to 600 (m) million dollars for severance costs and asset writedowns.
The cuts come on top of four-thousand previously announced in September. When completed by the middle of next year, Qwest will have cut its work force by 17 percent.