Level 3 Lays Off 450

[qi:010] As the recession deepens and the telecommunications industry braces for some tough quarters, Level 3 said yesterday it will lay off 450 U.S. employees — or 8 percent of its work force. The reduction affects employees at all levels, will take place before the end of the year, and will result in a restructuring charge of approximately $12-15 million in the fourth quarter of this year.  Level 3, one of the companies providing the backbone of the Internet, has high levels of debt and worried shareholders, so the news is not unexpected. But our hearts go out to those suddenly without a job.

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