Posted on 11/26/2022 7:03:43 AM PST by ChicagoConservative27
A big US furniture company this week fired all of its 2,700 employees while they were sleeping, telling them in texts and emails not to come to work the next day, according to reports.
The mass firing on Tuesday by United Furniture Industries, which makes budget-friendly sofas and recliners for Simmons Upholstery, left thousands of employees including truck drivers and factory workers in North Carolina, Mississippi and California unemployed just two days before Thanksgiving.
(Excerpt) Read more at nypost.com ...
A great contraction of economy is upon us.
The GREAT RESET!
Let’s Go Brandon!
Also from the article:
It’s not clear why the two-decade-old company dissolved its operations so suddenly, but over the summer it had fired its chief executive, chief financial officer and executive vice president of sales, according to FurnitureToday.com. Several weeks later, some 500 employees lost their jobs at multiple facilities in Winston-Salem, NC, and Verona, Miss,. and Victorville, Calif.
When you need gas to get to work & food on the table-—that chair/recliner can last you a few more years longer.
Furniture is a leading economic indicator.
When people are worried about their financial security, the LAST thing on their priority purchase list is a new sofa.
Its very strange that such a large company, presumably still with some valuable assets, would just eliminate themselves and their entire business.
I assume they were badly cash-flow negative, but was there nothing worth saving?
the housing market has killed multiple industries.
How should they do it? Make the employees spend money on gas to drive to work first.
We’ve been in a recession for two years. We’re moving into a depression, very soon.
That there is some serious "writing on the wall". Middle managers (at least)should have started making alternate plans right then.
I just applied there last week.
Guessing I won’t be getting a response...
One of the details in the article suggests that the company incurred a lot of debt to acquire a major competitor. Closing down the business so quickly suggests to me that the company has a liquidation value of less than $0.
But I’m supposed to give 3 weeks and dedication to a company…
I am wondering if there was massive monies stolen and the company’s lack of monitoring caused them to panic.
Fire the top, fire the rest and hope like deuce it all goes away......
Something stinks, yes?
Over the summer the Winston Salem and High Point factories shut down so many probably saw this coming.
“We’ve been in a recession for two years. We’re moving into a depression, very soon.”
I’ve been through at least 12 depressions. Except none of them really were depressions, and some of them weren’t even recessions.
Leading economic indicator, low end furniture. Sounds as though it has been leading since at least summer.
I am surprised they didn’t file bankruptcy first.
If they have any assets or going business value worth preserving, they should file under Chapter 11 and restructure. If not, they should file under Chapter 7 and liquidate.
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