NorthPoint Slashes Jobs
Reuters
High-speed Internet access company NorthPoint Communications Group Inc. said it will cut 248 full-time jobs, nearly 20% of its work force, in the wake of the termination of a merger agreement with Verizon Communications. Verizon had cited the deterioration in NorthPoint’s finances as the reason it scrapped plans to buy the San Francisco-based company. NorthPoint said most of the job cuts will take place in the Bay Area. NorthPoint shares closed unchanged at 41 cents on Nasdaq.
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