Level 3 revamps for tough times

Level 3 Communications announced layoffs and a massive overhaul to its financial projections Monday, as it struggles to survive the economic downturn. Its management has also agreed to halt selling of company shares.

Level 3 plans to cut 1,400 employees from its payroll, or about 25 percent of its 5,900 employees. The majority of reductions will be from its communications business and will include about 820 jobs in North America, 550 in Europe and 30 in Asia. Level 3 will also cut back spending and refocus its sales efforts on more established customers. Full story. --Tiffany Kary, Special to ZDNet News