Rumor on the inside is there are plans underway to shutdown operations in Stam/Trum in an effort to cut costs and shed some expenses that are hitting the books. That leaves the option of relocating HQ to another smaller location(TN) while the 1B asset base is sold off to keep the creditors off our backs. Talk is there will be divestment of 2 lines of businesses in the process in an attempt to cut the fat. It seems as if the company's EBITDA run rate will not encourage our creditors to pump any more $$$ into the failing business and has mandated our senior leadership to diversify and focus on what is working. Along with this will see layoffs off approx. 400 in Stamford and another 450 in Trumbull. Either we wait until then and hope for a nice package....or join the rest whom are currently interviewing. Interesting summer ahead....harsh cold winter coming.
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Debt restructuring saved us from closing down the Connecticut offices. They newly created leadership reporting structure will help gear the company for a leveraged buyout. The company's assets and value are however being eroded rapidly making it increasing difficult to position or woo any prospective investors. With the limited capital in the balance sheet, we will have to desperately figure out how to increase our revenue or start to divest certain areas of the company. Shedding assets will make us into a smaller nimbler company, like webloyalty once was, allowing us to remain in business. I expect, if the current leadership structure doesn't show results, before the end of Q1 next year, our usual round of annual layoffs will be larger, followed by disassembly of entire departments as we relocate and change the business model as dictated by our financiers.
I can confirm this - heard the same thing