WorldCom Announces 5,000 Layoffs
Feb. 03, 2003
CLINTON, Miss. (AP) _ WorldCom Inc. announced cost cuts Monday totaling $2.5 billion including another 5,000 job cuts, closing some facilities and renegotiating supplier contracts.
WorldCom, which filed the largest corporate bankruptcy in U.S. history in July, said it will keep intact its Clinton headquarters and major work forces in other cities, including Ashburn, Va.; Cary, N.C.; Denver and Colorado Springs; Richardson, Texas, and Tulsa.
The company, which has about 60,000 employees, cut 20,700 positions last year.
The cuts, announced Monday, are part of new chairman and CEO Michael Capellas' strategy to take the telecommunications giant out of bankruptcy within a few months.