Channel 13’s Allison Watts is reporting via Twitter that SEC filings reveal 222 jobs will be lost at Paetec, though there’s no word yet on where those jobs will be coming from. I’ve gotten reports today via anonymous tipsters that some layoffs have happened in the Tulsa, OK office, so obviously not all job losses will be here in Rochester. A sigh of relief locally, with apologies to those of you in other offices. . .
Meanwhile, Channel 8 here in town is saying that the layoffs could take as long as till 2010. How they arrive at that date is in question, however. The company says it will pay about $6.6m in severance in the process.
All this information comes from an SEC filing by the company, which you can read here. The operative sentence in question in Channel 8’s reporting is here:
The Company expects to incur total charges of approximately $6.6 million through the end of 2010 in connection with the terminations, the majority of which relate to cash severance costs.
As I read this, it does not seem to mean that the layoffs will continue through 2010, but rather that the continuing payment of severance will probably continue through 2010. Anyone expecting a reprieve based on Channel 8’s reporting is, I fear, out of luck.