Tuesday, November 10, 2009
Shenandoah Valley-based telecom company nTelos to trim 48 jobs
Six jobs in the Roanoke Valley included.
Waynesboro-based nTelos announced today plans to eliminate a total of 48 jobs. Cuts will affect the public company’s wireless segment and corporate positions.
Eleven of the 48 will be offered early retirement incentives, the telecommunications company said, and some vacant positions also will be cut from the budget. Most of the jobs affected were described by nTelos as support positions. The 37 other job cuts took effect today.
Among other office sites in Virginia and West Virginia, nTelos has an operation in Daleville. Minnis said the job cuts will affect six employees in the Roanoke Valley.
In a news release, James Quarforth, nTelos’ CEO, attributed the job cuts to economic conditions over the past year and a maturing and highly-competitive wireless industry.
Company spokesman Mike Minnis said nTelos is a healthy company and that the elimination of jobs is a necessary move to remain competitive going forward.
In February 2003, nTelos filed for Chapter 11 bankruptcy protection. It emerged from bankruptcy in September 2003 as a privately-held company before transitioning back to a public company in February 2006.
The company made similar job cuts last year in its landline division, which includes traditional phone service.
As an integrated communications provider, nTelos offers wireless phone service, local and long distance phone services, Internet access and other services to customers in Virginia, West Virginia, Kentucky, Ohio, Tennessee, Maryland and North Carolina.
The stock for nTelos Holdings Corp. trades on the Nasdaq exchange as NTLS.
The company said the job cuts will yield savings and reduce future expenses by about $4 million for 2010. It anticipates charges this year of about $1.5 million related to severance packages and other expenses associated with the workforce reduction.
Eleven of the 48 will be offered early retirement incentives, the telecommunications company said, and some vacant positions also will be cut from the budget. Most of the jobs affected were described by nTelos as support positions. The 37 other job cuts took effect today.
Among other office sites in Virginia and West Virginia, nTelos has an operation in Daleville. Minnis said the job cuts will affect six employees in the Roanoke Valley.
In a news release, James Quarforth, nTelos’ CEO, attributed the job cuts to economic conditions over the past year and a maturing and highly-competitive wireless industry.
Company spokesman Mike Minnis said nTelos is a healthy company and that the elimination of jobs is a necessary move to remain competitive going forward.
In February 2003, nTelos filed for Chapter 11 bankruptcy protection. It emerged from bankruptcy in September 2003 as a privately-held company before transitioning back to a public company in February 2006.
The company made similar job cuts last year in its landline division, which includes traditional phone service.
As an integrated communications provider, nTelos offers wireless phone service, local and long distance phone services, Internet access and other services to customers in Virginia, West Virginia, Kentucky, Ohio, Tennessee, Maryland and North Carolina.
The stock for nTelos Holdings Corp. trades on the Nasdaq exchange as NTLS.
The company said the job cuts will yield savings and reduce future expenses by about $4 million for 2010. It anticipates charges this year of about $1.5 million related to severance packages and other expenses associated with the workforce reduction.
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