AM I NEXT? NO LOVE AT LEGGETT & PLATT (06/12/24)

Am I Next? Layoffs at Leggett & Platt

JUNE 12, 2024 — HIGH POINT, NORTH CAROLINA CLOSURE, 158 EMPLOYEES IMPACTED

Continuing with its restructuring effort and plans to close 15 facilities from its bedding operations, production, and distribution footprint as it looks to restructure its product strategy, the company is closing its High Point, North Carolina facility by the end of September 2024.

The closure will impact 158 employees: 34 in production and production support, 9 in clerical and administrative roles, and 15 in management positions. Layoffs will commence on July 25, 2024.

According to a company statement, "In January 2024, Leggett & Platt implemented a restructuring plan primarily focused on our Bedding Products business. This plan is intended to better align our business with an evolving competitive landscape and position our company our profitable growth. As part of these initiatives, we are consolidating our manufacturing footprint to better align capacity with regional demand and enhance our efficiency."

JANUARY 20, 2024 — MAJOR CHANGES AND LAYOFFS AHEAD: HUNDREDS OF EMPLOYEES ARE AT RISK

The company has announced restructuring plans to close up to 15 facilities from its bedding operations production and distribution footprint and is looking to restructure its product strategy.

In addition to the bedding facilities, the company said it will consolidate a small number of production facilities in home furniture and flooring products to better align capacity with regional demand and drive operating efficiencies.

According to CEO and President Mitch Dolloff, “We are taking actions to create a more focused, agile organization with a portfolio of products and operating footprint aligned with the markets we serve. The bedding market has experienced unprecedented change in recent years, and the competitive landscape has continued to evolve. Reshaping our Bedding Products strategy is expected to better position us for long-term success as the leading provider of bedding solutions across the value chain. In addition, optimizing our operating footprint in both Bedding Products and Furniture, Flooring & Textile Products will reduce complexity and enhance the efficiency of our business. Looking forward, we expect to advance key product growth, improve profitability, and drive enhanced value for customers and shareholders.”

DECEMBER 21, 2018 — Original post…

Carthage, Missouri-based Leggett & Platt, a diversified manufacturer of bed-making machinery and other products has decided to restructure its under-performing bed manufacturing operation in Linwood, North Carolina. Approximately 172 employees, primarily production workers, will be laid off. Affected employees include assemblers, machine operators, welders, and painters, along with 23 clerical, administrative, and management positions.

According to Karl Glassman, President and CEO, “The Fashion Bed and Home Furniture businesses have under-performed expectations in recent quarters, primarily from weaker demand and higher raw material costs. An in-depth analysis of these businesses was conducted, and we are exiting low-margin businesses, reducing operating costs, and eliminating excess capacity. These actions should enable improved operating performance in these businesses, starting in 2019.

This is a relatively minor adjustment for an S&P 500 company “comprised of 14 business units in four segments, with approximately 22,500 employees, and 120 production facilities located in 18 countries around the world.

Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere ... are you now wondering, Am I Next?