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Lumen: 4%, 1200 Employees To Be Laid Off In Workforce Reduction – Struggles With Nearly $20 Billion In Debt

“We’ve made the difficult decision to reshape and resize Lumen for growth,” said CEO Kate Johnson during Q3 Earnings Report. The reorganization planned with, “along with additional optimization initiatives”, is estimated to generate annualized savings of around $300 million for the firm.

Monroe, Louisiana – As Lumen Technologies struggles with nearly $20 Billion in debt the company made additional announcements at stated it’s continued plans continuing the companies years long processes and previous sector selloffs.

During its recent Q3 Earnings report and according to a business filings, Lumen intends to pay severance and related costs in the amount of $55 to $65 million as a result of this strategy. As of September 30, the company employed about 30,000 people.

In an effort to reposition Lumen for growth, Kathy Johnson, CEO, stated that the layoffs will be “substantially completed” by the end of the fourth quarter of 2023 in addition to “restructuring the balance sheet.”

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The company’s recent sale of its EMEA division, which closed on November 1, 2023, is one of the other steps it has taken to lower its debt and promote growth. The deal, which was first disclosed in November 2022, is expected to bring in about $1.5 billion net after taxes, which Lumen plans to utilize for debt paydown.

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