Connexion Technologies has laid off 232 workers more than half its staff in its second round of layoffs this year.
The layoffs by the company, which builds and manages telecommunication networks for residential communities, included the elimination of 106 employees in North Carolina, mostly at its Cary headquarters.
Connexion was founded in 2002 by former Cary Mayor Glen Lang, who remains CEO. The company had 455 workers before this weeks layoffs.
Matt Springer, executive vice president of corporate development, said the cutbacks were triggered by the privately held companys failure to raise the financing it needs to execute its business strategy.
We looked at all alternatives, Springer said. Its a tough economic reality out there.
The cutbacks come on top of layoffs at the end of January that affected about 80 full-time and part-time workers. The company said at that time that the cuts were the result of a shift in its business in recent years that required a different set of skills. Connexion has been moving from fiber-optic systems that deliver Internet, video and telephone service to wireless systems.
Connexion informed the state Department of Commerce on Monday that it was laying off 130 to 140 workers in North Carolina, but Springer said the company was able to preserve some of the local jobs and ended up cutting 106 instead. However, the total number of layoffs companywide didnt change.
This is truly a sad day, Springer said. There are a lot of people we let go who worked hard for many years, that worked very hard to develop us into a quality company that was poised for growth.
But now, Springer said, Connexion has set aside its growth plans and is focused on operating its current telecommunication networks.