Skip to main content to Cut 28% of Staff

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is cutting 141 jobs, or 28% of its work force, in order to reduce spending levels and give the company more time to raise additional capital.

The New Haven, Conn., high-speed data communications and Internet company said the cuts, which are expected to generate savings of about $8 million in fiscal 2001, will result in a restructuring charge of no more than $1 million in the fourth quarter. also said the company is developing a plan to avoid the financial difficulties faced by other Internet-related companies in today's market climate.

The company's shares recently rose 35%, or 38 cents, to $1.56 in trading on the