will eliminate 248 employees, or 19% of its staff, mainly in the San Francisco and Emeryville, Calif., offices and on all levels of the organization.
Late last month,
ended its plans to acquire NorthPoint.
NorthPoint, a broadband services provider based in San Francisco, said today it believes that Verizon's actions "are breaches of its agreements with NorthPoint Communications. However, as a result of Verizon's notice of termination, we must make some difficult decisions. Our senior team is committed to do everything necessary to improve efficiencies and reduce spending."
Shares of NorthPoint were recently down 7.7%, or 3 cents, to 38 cents in
trading. The 52-week low is 34 cents.