Towerstream (TWER) Cuts Workforce by 21%
In a Form 8-K, Towerstream (Nasdaq: TWER) disclosed that today the company reduced its workforce by 35 employees representing a 21% reduction in headcount. 33, or 94%, of the affected employees worked in the Company’s sales and marketing department.
The Company estimates that the staff reductions will lower annual operating costs by approximately $1.2 to $1.6 million. The Company expects to record a charge of approximately $100,000 during Q209 representing payment of severance compensation, accrued vacation and related benefit costs.
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