Net2000 Communications Inc., a provider of Internet and telephone services, said it fired 400 employees, 60 percent of the total workforce, and may put itself up for sale.
The company will close offices in in Providence, New York and Boston as a result of the firings, according to a statement. Net2000 said it hired Jefferies & Co. to explore alternatives, including a possible sale of the company.
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Net2000 said it will focus on the Baltimore, Washington, Richmond, Virginia, and San Jose, California, markets, where it has an established customer base, as it tries to conserve cash in the slowing economy.
Herndon, Virginia-based Net2000 fired 300 workers less than a month ago and closed an office in Philadelphia. The company said third-quarter sales were about $29 million, below the previous estimate of $40 million, and that full-year revenue would be $112 million, down from the prior estimate of $147 million.
The shares of Net2000, which have fallen 89 percent this year, fell 4 cents to 19 cents.
The company will report third-quarter results next Wednesday.
