Hopefully a good capitalist will buy it and turn it back into a good company
Similar thing happened to me 20 years ago. Some Ivy League kid took over daddy’s business and wanted to “shake things up”. Within weeks, entry level/lower level employees received major pay increases and perks as though they were jr. managers or skilled techs. This was done to “make things fair for the ‘little people’. “
The Jr. managers, mid level workers, and techs got pissed. These folks had college degrees (Bachelor and Masters often with specialized certificates) or at least 15+ years in the company. Many told me “why did I even take all this schooling or make the effort if ‘Joe putz’ file clerk has the same level compensation/perks as me?” They started trickling out of the company within a few months with noticeable position gaps at the end of the year.
At the same time, the low level employes started to get an attitude. To them, they just won the lottery and didn’t see the need to improve their skills or seek higher positions. They stagnated, became tardy, and took a lot of vacation/sick time (often in the middle of the day, with no advance notice, when the work load was at it’s highest). When higher positions opened up they simply weren’t interested. The low level employees who still had a work ethic got angry when the slackers dumped their work on them. Many of these employees left.
The turning point occurred when a respected jr. manager, POed at the current state of affairs, concluded that it was time to leave (he had a new job lined up) but not before making a statement. When an entry level file-clerk position opened up, he put in for a transfer.....and boy, did THAT create a stir in the office!!! When asked by upper management why he was doing this, he calmly stated, “Why go through the stress and long hours as a jr. advertising manager when I can get a simpler, less stressful job at relatively comparable pay and benefits. When leadership declined the transfer, he put in his two weeks.
I left two months after that incident and never looked back. Heard a few years later that the punk kid got deposed by the board (think “Mutiny of the Bounty”) and was sent home packing. Must of been a real pain when the board and new CEO tried to rectify things.