Posted on 04/06/2013 12:11:13 AM PDT by 2ndDivisionVet
Clothing maker The Warnaco Group, recently acquired by New York City-based PVH Corp., is closing its operations at 470 Wheeler's Farms Road in Milford in early June and is laying off 208 people in the process.
The layoffs are part of 1,000 that PVH is making as it closes former Warnaco's offices in Florence, Italy; Duncansville, Pa.; Huntingdon, Pa.; New York City, and Hong Kong, in addition to Milford. PVH, which owns and markets the Tommy Hilfiger brand, announced in October it was acquiring Warnaco, whose brands included Calvin Klein and Speedo swimwear, and completed the $2.8 billion cash and stock deal in February.
PVH officials weren't immediately available for comment on layoffs, which were confirmed in a Worker Adjustment and Retraining Notification Act filing with the Connecticut Department of Labor.
Milford Mayor Benjamin Blake said Tuesday he was "disappointed" by the news the company was leaving the city....
(Excerpt) Read more at courant.com ...
And the Obama recovery just keeps chuggin’ along.
but..but..0’ButtPlug said “the economic situation” was improved since he has been in office...maybe for him; look @ how many “golfing/vacations/queer heath clubs trips” on the taxpayers’ expense.
The author really makes you work to get the real story. Warnaco apparently overstated its earnings, probably to raise the stock price so the CEO and others could get bonuses. (Generally, that’s why.) The SEC made a company that was not as profitable as it claimed pay a fine. (That’s what “settlement” means with the SEC.) So, a company that was already on the ropes got a knockout blow from the SEC. That’s why the jobs are going away. Then, the mayor of Milford says, “I with they’d have come to us first…” Meaning, we know taxes hurt this company and we’d have let up some on sucking them dry so the people who vote for me will have jobs. But what Warnaco really did was sell their only real asset, its brand. The acquiring company didn’t need any of Warnaco’s more expensive assets like manufacturing as PVH probably makes everything with (essentially) slave labor in China.
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