I work for a small family owned manufacturing business that is very profitable. We were called into a meeting on Monday and told effective today we were all being laid off as our company was sold to a private equity fund. The owners apparently structured the sale as an “asset sale” so all the employees were considered a liability. We were invited to “re-apply” for our old jobs with the new owners but some pay and benefits were cut due to restructuring. Job descriptions were expanded to add more work.
We were all shocked and did not see this coming at all but so far no one single person has re-applied for their old job. There is low unemployment in our area and plenty of jobs available. The new owners hired a manager who set up a table in our lobby to receive applications and stocked it with coffee and donuts which have sat untouched along with the application.
Our average employee has been here 18 years and many over 25 years so many are simply opting to retire. The challenge for the new owner is we make a niche product using machines that were built and maintained by our shop and that specialized knowledge just walked out the door. Moving the plant or outsourcing isn't really an option. Even our senior managers who ran sales and finance are leaving. I'm going to expand my side gig business which is taking off so I can spend more time with the family. The Schadenfreude is strong on this one both toward the former and new owners. Good luck running your business without workers.