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Cypress Communications Cutting Staff to Trim Costs and Build Up Cash Reserve

ATLANTA-The multi-tenant office building high-tech provider plans to lay off about 240 employees or about 45% of of its total 536-worker staff nationwide by June. The move, aimed at all levels, is being made to conserve cash and reduce operating costs at all levels. But Cypress chairman/CEO Frank Blount says the firm plans to enter new markets and re-enter its licensed markets when it has saved enough cash to do so.

By Judith Schonbak | Updated on January 11, 2001

ATLANTA- A high-flyer just 11 months ago, Cypress Communications Inc. is laying off about 240 employes or an estimated 45% of its total 536-person national work force by June in a move to conserve cash and reduce operating costs at all levels. Still, Cypress chairman/CEO Frank Blount says, in a prepared statement, the firm plans to enter new markets and re-enter its licensed markets when its cash reserves are up.

Company president Mark Graves resigned at the end of December. His position remains unfilled. Cypress will also reduce its activity in 27 markets to concentrate on 13 major markets. The company says these cities represent 67% of its current licensed square footage, 84% of its lit square footage and 100% of its existing revenue. The cities are Atlanta, Boston, Chicago, Dallas, Denver, Houston, New Orleans, Phoenix, Seattle, Southern California (Los Angeles and Orange County), South Florida and Washington DC.

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