Houston, Texas-based Crown Castle, a telecommunications provider of shared communications infrastructure—cell towers, small cells, fiber—connections, has announced a restructuring plan, including office space consolidation and discontinuing installation services as a product offering within the Towers segment, aimed at reducing operational costs.
Approximately 15% of Crown Castle's workforce, or 750 employees, will be impacted by its reduction in force.
According to an SEC filing, "On July 24, 2023, Crown Castle Inc. initiated a restructuring plan as part of the Company's efforts to reduce costs to better align the Company's operational needs with lower tower activity, as discussed in the Company's second quarter 2023 earnings release issued on July 19, 2023."
"The Plan includes reducing the Company's total employee headcount by approximately 15%, discontinuing installation services as a product offering within the Towers segment while continuing to offer site development services (also referred to as pre-construction services) on Company towers, and consolidating office space."
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