NTELOS Holdings Corp. said Tuesday it plans to cut an unspecified number of jobs, resulting in charges of about $1.5 million in 2009.
The wireless phone service provider, based in Waynesboro, Va., said it expects to make the cuts by offering early retirement incentives, eliminating certain vacant and budgeted positions, and laying off some workers.
NTELOS said the jobs are expected to be primarily support positions, with minimal impact on jobs that deal with customers.
The work force reduction will result in cash severance, non-cash pension and other post-retirement curtailment and settlement charges of about $1.5 million in 2009. They will lead to savings and future expense reductions of about $4 million in 2010, the company said.
"We regret the impact this will have on our employees," James S. Quarforth, the company's CEO, said in a statement. "Economic conditions over the past year have impacted our wireless business and as the wireless industry matures, it is proper for us to proactively take these measures to support continued growth."
A spokesman for the company did not immediately respond to a message seeking comment.
Shares of NTELOS rose 5 cents to $15.05 in morning trading.
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