Business digest

REGION

Smith & Co. Jewelers closes doors after 20 years

CANFIELD — Tim Smith closed Smith & Co. Jewelers because of health issues and the lingering recession, said his wife, Julie Michael Smith.

“We thank our loyal customers for their patronage and the Mahoning Valley for its support. At some point in the future, we hope to serve the Valley again,” she said.

She added that customer inquiries can be made in writing to P.O. Box 1286, Youngstown, OH 44501.

Her husband opened a new store last November in Westford Commons. He had operated in Boardman for the previous 20 years.

NATION

To keep costs in line, Verizon to cut 8,000 jobs

NEW YORK — Phone company Verizon says it will cut 8,000 jobs from among employees and contractors before the end of the year to keep costs in line as the recession saps demand from businesses for telecommunications services.

Executives said the cuts will come from the wireline side of the business.

In recent years, New York-based Verizon Communications Inc. has balanced layoffs in its wireline business with hiring in wireless, making for a net increase. But Chief Operating Officer Denny Strigl says that will not be the case this time.

From Vindicator staff and wire reports