Brief: Shenandoah Expects Terminate 340 Employees

Shenandoah Telecommunications

05/04/2021 23:14

April 5 (Reuters) - Shenandoah Telecommunications Co
 SHEN.O :
    * SHENANDOAH TELECOMMUNICATIONS CO - IMPLEMENTING WORKFORCE
REDUCTION THAT IS EXPECTED TO RESULT IN TERMINATION OF 340
EMPLOYEES
    * SHENANDOAH TELECOMMUNICATIONS CO - MOST EMPLOYEES IMPACTED
BY
WORKFORCE REDUCTION WILL EXIT CO IN 2021 AFTER CLOSING OF
PENDING SHENTEL WIRELESS SALE
    * SHENANDOAH TELECOMMUNICATIONS -  ABOUT 90% OF REDUCTIONS
ARE
EMPLOYEES WHO SUPPORT WIRELESS OPERATIONS AND WILL NOT
AUTOMATICALLY TRANSFER TO T-MOBILE
    * SHENANDOAH TELECOMMUNICATIONS - IN CONNECTION WITH
WORKFORCE
REDUCTION, WILL INCUR TERMINATION EXPENSES WITH ABOUT $1.7
MILLION RELATED TO CONTINUING OPERATIONS
    * SHENANDOAH TELECOMMUNICATIONS CO - IN ITS FORM 10-K,
DISCLOSED
THAT IT EXPECTS TO INCUR ABOUT $35.9 MILLION OF CERTAIN ONE-TIME
EXPENSES DURING 2021
    * SHENANDOAH TELECOMMUNICATIONS - IN CONNECTION WITH
WORKFORCE
REDUCTION  WILL INCUR TERMINATION EXPENSES OF ABOUT $4.5 MILLION
RELATED TO DISCONTINUED OPERATIONS
    * SHENANDOAH TELECOMMUNICATIONS CO - EXPECTS TO INCUR A
MAJORITY
OF COSTS RELATED TO TERMINATION EXPENSES DURING Q3 OF 2021
    * SHENANDOAH TELECOMMUNICATIONS - WORKFORCE REDUCTION IS
EXPECTED
TO DECREASE ANNUALIZED RUN-RATE OPERATING EXPENSES FOR
CONTINUING OPERATIONS BY ABOUT $4 MILLION

Source text: (https://bit.ly/2PEZuvh)
Further company coverage:  SHEN.O 

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