Covad Communications will trim additional 400 from its workforce,...
Covad Communications will trim additional 400 from its workforce, restructuring its Covad Business Solutions div. as part of previously-announced initiative to reduce this year’s operating costs by 20-30%. Costs of restructuring are included in estimated $20 million 4th quarter…
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restructuring charge. Company “needed to consolidate and streamline operations to meet our drive to profitability goals,” said Covad Chmn. Chuck McMinn. Covad will also close about 200 central offices, affecting 1.5% of subscriber base. Staff reduction comes after Nov. 27 reduction of 400, another 14% of company’s headcount.