Yet more job losses have been announced at New York-listed NTL, Britain’s biggest cable operator, in a bid to cope with its staggering mountain of debt.
A year ago NTL’s workforce stood at 22,000; the latest round of redundancies, totalling 2,000, will bring the total down to 13,000 by the end of next year. The axe has been wielded on numerous occasions recently, not least in July when 5,000 layoffs were announced [WAMN: 27-Jul-01].
The group is desperate to cut costs as it faces a debt mountain of $17 billion, interest payments on which came to almost $4 million every day in the third quarter [WAMN: 08-Nov-01].
Analysts questioned NTL’s ability to maintain customer service levels in light of so many redundancies. However, the group said call centre staff would be spared the axe, which will fall mainly on marketing, sales and back office units.
News source: Financial Times