AM I NEXT? NO LOVE AT CASPER SLEEP

Am I Next? Casper Sleep layoffs and cost-reduction.

New York, New York-based Casper Sleep, a manufacturer and e-commerce retailer specializing in sleep products,nas announced a major reduction in force of approximately 78 employees.

According to a corporate statement...

"In addition to the retail employee furlough announced on March 30, due to the impacts of COVID-19, the Company is taking additional cost reduction actions, including a workforce restructuring that will reduce the size of its team globally and a wind-down of its European operations to concentrate on the strength of the North American business. The Company’s European operations are expected to wind down largely by the end of 2020.

In total, these actions will impact approximately 78 employees, comprising about 21% of its corporate workforce globally, and result in more than $10 million in annualized savings, and are part of the Company’s overall focus on achieving profitability.

We are making a series of difficult decisions to preserve the long-term resiliency and flexibility of the Company. These actions enable us to focus on the strength of our North American business during this uncertain time and remain committed to our customers who continue to rely on us for a better night’s sleep—today and well into the future."

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT SOUTHERN REFRIGERATED TRANSPORT

Am I Next? Southern Refrigerate Transport layoffs and relocation.

Chattanooga, Tennessee-based Covenant Transport Group, a transportation and logistics company, has announced that it will be closing its subsidiary Southern Refergerated Transport's terminal located in Texarkana, Arkansas.

The layoff, scheduled for May 1, 2020 will impact approximatel 150 office workers as it consolidates and transfers operations in Chattanooga, Tennessee. No drivers are included in the layoff and will be relocated to the company's operations in Chattanooga, Nashville, and Greeneville, Tennessee.

A company spokesperson noted, "This action, while regrettable and extremely painful to many in our enterprise and especially to those directly impacted, is necessary to focus our staffing and capital towards our targeted business units and to lower overhead costs."

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT FRONTIER COMMUNICATIONS (08/26/23)

Am I Next? Frontier Communications declares Chapter 11 Bankruptcy.

AUGUST 26, 2023 — HQ RELOCATION

Frontier Communications has announced that it will relocate its corporate headquarters and hundreds of jobs from Norwalk, Connecticut.

It is believed that the company will relocate to Dallas, Texas, where Frontier CEO and other key executives live and work, and where the company has its most important operations with hundreds of employees.

Frontier has asked for an "enterprise zone" designation for its new corporate office there — with Tampa, Florida as an alternative location. Negotiations are ongoing.

Among other bennies, the "enterprise zone" designation will allow Frontier to apply for a rebate of state sales and use tax refunds on qualified expenditures of up to $2,500 per job created or retained.

APRIL 16, 2022 — 79 LAYOFFS/BUY-OUTS IN CONNECTICUT

Frontier Communications announced that they were seeking to eliminate 79 positions, including installation and repair specialists, facility assigners, and service representatives, using buyout packages, with the terms of the severance deals varying based on seniority.

JUNE 27, 2021 — 107 LAYOFFS IN CENTRAL. FLORIDA. DANGER AHEAD AFTER BANKRUPTCY EXIT

The company has announced that due to “changing business needs, they will be closing the DeLand office and laying off 107 sales and service employees between August 17, 2021, and August 31, 2021.

Frontier exited Chapter 11 bankruptcy and is completing an operational review that will likely involve a significant reduction in force as the company transitions to a larger fiber-optic network.

APRIL 28, 2020 — Original post

Norwalk, Connecticut-based Frontier Communications, the telecommunications, and internet service provider, has filed for voluntary Chapter 11bankruptcy to seek relief from crushing debt.

As the night follows the day, look for corporate restructuring and cost reduction which will lead to asset divestitures and a further reduction in force.

In a statement announcing the filing, the company noted…

“We are undertaking a proactive and strategic process with the support of our Bondholders to reduce our debt by over $10 billion on an expedited basis. We are pleased that constructive engagement with our Bondholders over many months has resulted in a comprehensive recapitalization and restructuring. We do not expect to experience any interruption in providing services to our customers,” said Robert Schriesheim, Chairman of the Finance Committee of the Board of Directors. “With a recapitalized balance sheet, we will have the financial flexibility to reposition the Company and accelerate its transformation by allocating capital resources and adding talent to enhance our service offerings to our customers while optimizing value for our stakeholders. Under the RSA, our trade vendors will be paid for goods and services provided both before and after the filing date.”

"In addition, the Company intends to proceed with the sale of its Washington, Oregon, Idaho, and Montana operations and assets to Northwest Fiber for $1.352 billion in cash, subject to certain closing adjustments, on or around April 30, 2020, and will seek Court approval to complete the transaction on an expedited basis."

It remains to see the company's response to its union, the Communication Workers of America who was denied access to the bankruptcy proceedings with their bondholders.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?