LONDON-Marconi plc continues to feel the pangs of a sliding market as it announced plans to lay off 500 workers, warning that future conditions do not look promising.
“A continuing deterioration in the market for telecommunications equipment and services translated into single-digit sales declines quarter on quarter throughout the financial year,” the company said.
The company, which is now managed by banks and bondholders, had teetered on the verge of bankruptcy before it was recently rescued.
