By Kate Hanaghan, 9 April 2002 12:57
NEWS In a further attempt to cut costs Enterasys Networks is cutting 730 jobs - about 30 per cent of its total workforce. Last week senior management, including the CEO and COO, resigned as the company continues to work feverishly to reduce costs and break even. Enterasys is also under pressure from the Securities and Exchange Commission, which is investigating the accounting practices of a number of its Asia-Pacific spin-offs. The news of the job cuts was welcomed by traders. The company's share price was up more than seven per cent to $1.44 by time of close on the New York Stock Exchange.
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