Monroe, Louisiana-based Lumen Technologies, a telecommunications offering communications, network services, security, cloud solutions, voice, and managed services, has announced a reorganization that will result in a 4% reduction in force.
The reduction will impact 1,200 employees and is expected to be "substantially completed" by the end of the fourth quarter of 2023.
According to a company spokesperson, “We’ve made the difficult decision to reshape and resize Lumen for growth. Lumen will lay off 4% of its workforce as it continues to deal with nearly $20 billion in debt. The reorg “along with additional optimization initiatives” is expected to generate annualized savings of around $300 million."
"Looking ahead, the company will remain focused on stemming churn and legacy product revenue declines, evolving new products, as well as continuing to expand its fiber presence."
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?