Cedar Rapids company to cut over 500 jobs

The Iowa-based McLeodUSA Communications Company will lay off hundreds of workers. The telecommunications company announced its changes at a big stockholder meeting today in Cedar Rapids. Five percent of the workforce, or about 600 of its 11-thousand 500 employees, will be told they’re being laid off. McLeodUSA will cut capital expenditures by 300 million dollars and its website newsletter says the company will take a onetime charge about seven million dollars to cover costs of those layoffs. Known for phone directories, McLeodUSA also offers local phone service, Internet and video fiber-optic connections to customers in all 50 states.