AM I NEXT? NO LOVE AT CROWN CASTLE (06/12/24)

JUNE 12, 2024 — 10% OF WORKFORCE

Crown Castle announced that it was laying off more than 10% of its workforce and closing certain offices. The layoff mostly impacts 470+ corporate employees and fiber division team members. The layoffs, which would include a $110 million restructuring charge, would be completed by the end of the second quarter.

CEO Steven Moskowitz had launched a strategic review in January, which included whether to sell off its fiber-optic business and noted, "We are implementing changes designed to drive operational efficiencies and to enhance returns in fiber solutions and small cells. These changes are being implemented, regardless of the outcome of the strategic review, which remains active and ongoing."

AUGUST 7, 2023 — Original post…

Houston, Texas-based Crown Castle, a telecommunications provider of shared communications infrastructure—cell towers, small cells, fiber connections—has announced a restructuring plan aimed at reducing operational costs. The plan includes consolidating office space and discontinuing installation services as a product offering within the Towers segment.

The reduction in force will impact approximately 15% of Crown Castle's workforce or 750 employees.

According to an SEC filing, "On July 24, 2023, Crown Castle Inc. initiated a restructuring plan as part of the Company's efforts to reduce costs to better align the Company's operational needs with lower tower activity, as discussed in the Company's second quarter 2023 earnings release issued on July 19, 2023."

"The Plan includes reducing the Company's total employee headcount by approximately 15%, discontinuing installation services as a product offering within the Towers segment while continuing to offer site development services (also referred to as pre-construction services) on Company towers, and consolidating office space."

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?

AM I NEXT? NO LOVE AT 8X8

Campbell, California-based 8x8, a telecommunications provider of VoIP (Voice over IP) products including cloud-based voice, contact center, video, mobile and unified communications for businesses, has announced a potential merger and a reduction in force.

According to the company, the reduction will impact 7% of the workforce, or approximately 155 employees, and is expected to take place before June 30, 2023.

CEO Sam Wilson noted, "I believe this reduction is essential to improve our efficiency and align our resources to the critical areas of focus."

Meghan Keough, senior vice president of product and corporate marketing, added, “As part of a normal business review, we made a small headcount reduction across functions, to drive greater operational efficiency."

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?

AM I NEXT? NO LOVE AT STARRY

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?