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Boingo Wireless to eliminate 80 jobs in restructuring bid

Boingo Wireless Inc. will eliminate about 80 jobs, or 16% of its workforce, as part of a restructuring plan that it expects will help the company decrease operating costs by roughly $11.0 million on an annualized basis.

The company said in an SEC filing that the business realignment will help "drive long term sustainable revenue growth, better align resources, improve operational efficiencies and increase profitability."

Boingo expects to record a restructuring charge of about $2.2 million during the quarter ending Dec. 31, primarily related to employee severance and benefit costs.

The company expects to complete the restructuring plan in early 2020, with the related cash payments expected by March 31, 2020.