Digital Broadband Communications, a high-speed Internet and local phone provider, announced Thursday that it will lay off 450 of 526 employees, or 85 percent of its work force, as part of a corporate reorganization.
Like many broadband providers, the company was forced to cut its staff drastically because of a cash shortage, and it continues to explore its options for finding new investors or possibly a buyer, executives said.
"We were meeting or exceeding our numbers across most categories, but it all came down to the market conditions," said Digital Broadband Communications chief executive Valeri Marks. "The timing just wasn't right now for many people to invest. We had to make a difficult choice."
Privately held Digital Broadband Communications provides DSL Internet access to roughly 1,000 business customers in seven northeastern states. -- Corey Grice, Special to ZDNet News