Genuity announces layoffs

WOBURN — Genuity, Inc., one of the pioneers in development of the Internet system
announced that it was reducing its workforce by 12 percent, plus more than one-third
of its contract workers for some 800 employees. The Internet services company
employs 5,200 worldwide, 2,500 of them in the Greater Boston area. The company
would not specify where the layoffs would come from, the Boston Globe reported.
In its announcement, the company attributed its decision to declining sales — $1.3
billion to $1.5 billion less this year than last — the demise of many dot-coms
and the general economic slump.