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Article: Z-Tel Announces Workforce Reduction, Lowering Payroll Expense by More Than 25%; Streamlines Company Consistent with Transition to Facilities-Based Telephony Provider.
- Article from:
- Business Wire
- Article date:
- September 1, 2004
CopyrightCOPYRIGHT 2004 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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TAMPA, Fla. -- Z-Tel Technologies, Inc. (Nasdaq/SC:ZTEL), today announced that it reduced its workforce by approximately 150 employees, lowering its payroll expense by more than 25%.
Trey Davis, Z-Tel's Acting Chief Executive Officer, commented, "Today's announcement is a direct result of the previously discussed transition Z-Tel is undergoing to become a facilities-based provider of voice, data and broadband services. As a result of this transition, we are streamlining the Company due to our reduced need for continuing significant investments in new technology and software development. We expect this workforce reduction to produce approximately $12 million in ...