looks like they just eliminated their entire SMB division. Major shake up going on. I have several friends that just were given their walking papers. I expect GTT to file for bankruptcy protection by next friday.
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GTT Communications is crashing and burning. Run while you can! One of the many just laid off US Field Service Group Technicians. Most had 20 years service and GTT gave everyone just two weeks severance. know who you are working for!
They have not filed financials since 2019, delisted from NADAQ July 2021. GTT stock is worth nothing. Everything is hinging on the sale of the GTT Infrastructure division to Miami-based I-Squared Capital, then creditors will allow GTT to file chapter 11.
If I-Squared was smart they would pull out of buying that cash sucking EU Interoute network. They are buying a pig with lipstick for 2.15 Billion.
GTT hopes to focus on the managed services they provide. But they do not have the management or money to capture that flooded market and no one wants to buy services from this hot mess of a company and be left hanging in the wind when they fold. KNOW WHO YOU WORK FOR!
For me it was a god send getting let go. I work for a great company now!
@ Anonymous [original poster]
I'd say the markets disagree with your prediction of filling BK by Friday. This week, the next or after. SMB is not as big there like others. So whatever changes even if personal are not major to what they do. GTT is not Comcast or ATT. Major revenue sources at Enterprise would be not at risk already.
Those companies in telecom or other industries that are big into SMB I'd say are risky now. Definitely expect some SMB to get behind bills even with bailouts and loans all over.
Confirmed by my manager, but unsure what groups.