News

Massive job cuts at Smart Telecom

22 September 2006 17:26:00

Smart Telecom dropped again today after the Dublin-based telephone and internet services provider announced plans to cull more than two thirds of its staff following a strategic view.

The number of employees goes down to just 100 from 348 previously as the company decides to exit low margin businesses and decrease its cash burn.

The company, which earlier this month said it had run out of cash, has now secured continuing funding support from key shareholders through broker NCB, enabling the business to re-structure its operations.

Its focus for the future will be on controlled growth in its corporate and residential broadband businesses as it divests non-core businesses including payphones and pre-paid call cards.

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