FairPoint Communications Inc Announces Workforce Reductions

Tuesday, 9 Apr 2013 06:04pm EDT 

FairPoint Communications Inc announced it plans to eliminate approximately 90 positions across Maine, New Hampshire and Vermont over the next several months in accordance with the collective bargaining agreement. These reductions are in addition to the elimination of over 30 management positions across the Company last month. FairPoint expects the reduction in force to result in annualized operating expense savings of approximately $11 million, with the full benefit realized in 2014. The company expects to provide severance or incentive payments to eligible affected employees. The total amount of such payments is expected to be $5 to $8 million. 

Company Quote

0.1 +0.74%
4:00pm EDT