Boingo to lay off 16% of workforce, or 80 positions, as part of restructuring

Boingo Wireless disclosed Friday that its board approved a plan to restructure the company’s business operations “to drive long term sustainable revenue growth, better align resources, improve operational efficiencies and to increase profitability.” Upon the completion of the plan, the company will be focused on managing its key businesses of providing services to the wireless carriers, generating business on military bases and growing its multifamily business. As part of this business realignment plan, Boingo will eliminate approximately 80 positions, or 16% of its workforce. The company expects to record a restructuring charge during the quarter ended December 31, 2019 of approximately $2.2M, primarily related to employee severance and benefit costs. Overall, Boingo expects that the workforce reduction will decrease operating costs by approximately $11M on an annualized basis. The actions associated with the restructuring are anticipated to be completed in early 2020.