Type
Internal restructuring
Country
World
Region
Location of affected unit(s)
Sector
Information / Communication
Information Communication Services
Telecommunications
61 - Telecommunications

5,000 jobs
Number of planned job losses
Job loss
Announcement Date
4 February 2003
Employment effect (start)
1 March 2003
Foreseen end date

Description

WorldCom has announced a new restructuring plan cutting 5,000 more jobs. WorldCom is since last July under the American bankruptcy law (Chapter 11).

WorldCom wants to reduce its operating costs by 2.5 billion dollars a year. This strategy results in the renegociation of over 2,600 subcontractors contrats.

This redundancy plan is the third of WorldCom since June 2002.


Sources

  • 4 February 2003: Les Echos
  • 10 February 2003: Les Echos

Citation

Eurofound (2003), WorldCom, Internal restructuring in World, factsheet number 59495, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/59495.