RESTON, Va.-Telecommunications provider XO Communications Inc. will shut down some offices and lay off 500 people by the end of the year, according to a report in the Washington Post.
Cuts will be made in the finance, marketing and human resources divisions, while the company hires 300 people to work in sales, according to Carl Grivner, XO’s chief executive officer.
Meanwhile, XO continues efforts to acquire the assets of bankrupt telecommunications provider Global Crossing Ltd., despite the Global Crossing’s previously signed deal with Singapore Technologies Telemedia. XO and Global Crossing are scheduled to go to court July 30, as Global Crossing has accused XO and its chairman Carl Icahn of interfering with the STT deal.
