Newark-based telecommunications company IDT is fleeing its oversized, expensive headquarters on Broad Street and consolidating a block away.
IDT, which has shed two-thirds of its employees over the past few years, will move out of 520 Broad St. by May, company Chairman Howard Jonas said this evening. The old building, owned by an affiliated company, might go into foreclosure and is not currently on the market, he said.
“We can’t afford the building we’re in now,” Jonas said. “We’re going to have to see if we can work things out with our lenders.”
The maintenance alone on the 500,000-square-foot building cost about $5 million a year, he said. IDT’s roughly 600 employees will now fit into 75,000 square feet at 550 Broad St.
The company’s stock price has fallen steadily over the past five years, and dropped from more than $20 a share in January 2008 to around a dollar a share last week.
(Source: NJ Star Ledger)
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8 Responses
Let’s all pray for the success of this tzaddik, Howard Jonas, who has done so much for Torah and who has given Parnossah BeChoVod to so many of our brethren.
deepthinker-absolutely!
btw-the star ledger is reporting that they are moving to 520 broad street. anyone who knows the future address plz post it, we rely on the mincha minyan
As a bochur in The Yeshiva at IDT, I can tell you that the work Mr. Jonas does is remarkable. I wish him much hatzlacha!!!
May all Yidden be successful! Happy?
If I’m not mistaken, 550 Broad street is the shorter building that they moved some divisions in to back in 2004.
The company is moving to 550 Broad Street. Wachovia has a branch there downstairs.
Praying for Mr. Jonas is almost like prying for all yidden cuz he supports alot of them. and they are moving to 550 broad street.
I just got laid off from the Israeli IDT. Worked there for 3,5 years. My whole department of 70 people was closed.
The Israeli IDT was sold on 1 July 2008; as of now, it belongs to the Israeli CEO, Eli Ninio, and just 20% remains with Howard Jonas.
IDT is falling, they will crash soon.
I just hope I’ll find a new job soon. Being unemployed in Israel these days isn’t much fun. Especially in Jerusalem, where there are almost no jobs. All available jobs are in the Central region, Tel Aviv etc.
We will start Davening B’Ezras Hashem at 550 Broad Street on Thursday, July 2nd, 2009. More Details on Monday.