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.
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?
That there is some serious "writing on the wall". Middle managers (at least)should have started making alternate plans right then.
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?
Those people left behind should have been able to see the writing on the wall. Normalcy bias is very strong, though. “They’ll right the ship. Our jobs are safe.”
The good news is the WSF today reports that there are twice as many job openings as unemployed. The bad news is you have to move and learn to code instead of tacking down upholstery on a wood frame.