WorldCom to exit wireless
WorldCom said yesterday that it plans to exit its five-year old wireless resale business. No timeline has been set for the move, but the company described it as a “multi-month” process.
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According to WorldCom, the unit resells service from the top two providers in each market, generating approximately $1 billion in annual revenues via 2 million subscribers. The business, however, has been loosing money due to slowing market growth, pricing pressure and customer acquisition costs.
The company is currently evaluating possible exit strategies, including a sale of the business or its assets or a simple wind-down of operations. During this stage, a portion of the unit’s 2200 employees will be released.
WorldCom has not announced how much money it expects to save or any charges it will take due to the move.
--Toby Weber, Staff Writer
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© 2012 Penton Media Inc.
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