Boston, Massachusetts-based Starry, a fixed wireless technology developer, and internet service provider, has announced a major 50% reduction in force as part of a cost containment initiative that will also implement a freeze on hiring and non-essential expenditures.
The personnel reduction will impact 508 employees, including corporate, administrative, sales, marketing, engineering, manufacturing, and construction team members. 175 workers across three offices in Massachusetts were impacted, including fully-remote workers.
Starry CEO Chet Kanojia noted, “This is an extremely difficult economic climate and capital environment, and at present, we don’t have the capital to fund our rapid growth. Because of that, we’re focusing our energies on our core business: serving multi-tenant buildings in our existing dense urban markets."
He also noted that "aggressive" measures are needed to curtail the company's cash burn while the company pursues "strategic options." Code words indicating a potential sale, merger, or additional venture capital.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?