Our Campus recently went through a teach-out/potential sale. Not sure if this will apply to most of you as CCI is running out of money and facing bankruptcy next week.
It is mid afternoon, all staff and faculty get called to a mandatory emergency All Hands Meeting. We are unaware, but the regionals and HR staff that were coming to give us the bad news were brought in through the back door and kept in a classroom so not to be seen by us, guess they were waiting for the Stock Market to close.
We are told we are "for sale", but if the sale does not materialized, we will go to teach-out.
Months later after numerous potential buyers and visitors come shopping and looking, still no sale. Weeks of highs and lows, praying someone buys and likes us and offers us jobs in their company.
Rumors start, early one morning, the Campus President and HR staff, methodically start calling in all Admissions, most of FA, re entry coordinators, employees who have been problematic and others, are given boxes to pack their stuff, are given severance packages and asked to leave immediately. Hours later, those that are considered essential, are called in one by one and asked to sign stay on contracts (equivalent to a week's pay for each month you will be needed).
As the teach-out progresses, the building starts looking like a ghost town. Many employees have left on their own, have found good jobs and are doing quite well, others are still hanging around CCI until the last student is graduated, waiting for the final package. Many are not aware that CCI will deduct approximately 35% in taxes and 401K deductions, at the end of the day, not much will be left to live on while on unemployment.
Good luck to all. In the end, you will find that perfect job and will be in a much better place.