Canada’s largest telecom company will close its doors in 2018, amid concerns over its financial health and dwindling customer base.
Cable and internet provider CenturyLink announced on Thursday it was shutting down for good after three decades.
The announcement was made by CEO Kevin Wylde in an earnings call.
“We are closing this company as a result of the continuing deterioration of our financial condition,” Wylde said.
“The financial health of the company is increasingly challenging, and our future plans are in doubt.”
Canada’s biggest telecom provider, CenturyLink, announced in 2015 that it was on the brink of insolvency after years of underinvestment and high debt.
“Today’s announcement by CenturyLink indicates the company’s inability to meet its obligations, and that the company will be unable to meet our stated goals of achieving profitability and growing revenues over the long term,” the company said in a statement at the time.
“It is not a surprise to us that this has been the case for CenturyLink.
As the financial conditions of our businesses have deteriorated over the last few years, we have been forced to make difficult decisions in order to protect the company and its shareholders,” CenturyLink said.
The company, which was founded in 1962, has been in bankruptcy court since 2010, but it has continued to operate under its trademark name.