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Aug 6, 2002 : Digex to Cut 20 Percent of Workforce
📅 - Managed Web hosting provider Digex Incorporated (digex.com) said on Tuesday that it would lay off 200 employees, or 20 percent of its work force, in an effort to cut its expenses.
Digex's cost-cutting measures come following the bankruptcy of telecommunications giant WorldCom, which owns a stake of more than 90 percent in the Web hosting firm. Digex currently relies heavily on WorldCom for funding, a part of the relationship that WorldCom's bankruptcy could make difficult. WorldCom has said, however, that the bankruptcy filing will not affect Digex. Digex says the layoffs will be concentrated on parts of the business not focused on customer service, and are part of a plan for the company to become financially self-sustaining. The job cuts are expected to be completed by the end of the week. Employees affected by the cuts will receive severance based on the length of their employment with the company.
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