Thursday, November 17, 2011

FiberTower Chops 40 Percent

San Francisco-based FiberTower, the provider of wireless backhaul services, said late Wednesday that it has made drastic cuts in workforce. The firm said it has reduced its workforce by approximately 40 percent, and also halted all of its capital and project related spending. The firm said the move is an effort to "conserve existing liquidity." Reasons for the rapid cutbacks were not announced by the firm.