AM I NEXT? NO LOVE AT AMERISOURCEBERGEN / cencora (04/14/23)

APRIL 14, 2023 — 450 LAYOFFS

The company has announced that it laid off 450 employees, as part of an effort to align “our capabilities to our customer’s needs and create an efficient organizational structure that can meet the needs of our business in the future.”

NOVEMBER 6, 2019 — PUBLISHED REPORTS INDICATE WALGREENS MAY BE SEEKING TO “GO PRIVATE” IN A LEVERAGED BUY-OUT.

Employees need to be extremely vigilant as the company may be in play or subject to external events that would most definitely impact employees.

According to Reuters …

“Walgreens has tasked investment bank Evercore Partners with exploring whether a transaction can be put together, the sources said, cautioning that a deal is far from certain.”

“Walgreens has also contemplated divesting some of its assets, such as its 27% stake in drug wholesaler AmerisourceBergen Corp, to provide more funding, one of the sources added. The sources asked not to be identified because the matter is confidential. Walgreens and Evercore declined to comment.”

August 11, 2019 — Previous post…

Chesterbrook, Pennsylvania-based AmerisourceBergen, a global drug wholesaler specializing in pharmaceutical distribution services, is continuing its previously announced consolidation and restructuring activities which will include the closure of its Valencia, California distribution center and resulting in the layoff of 108 employees commencing in September 2019. Operations will be transferred to the company’s other distribution center located approximately 86 miles from Valencia in Corona, California.

According to a company spokesperson, “As part of an ongoing effort to evaluate and align our capabilities to our customer’s needs, we have made the decision to end distribution activities in our Valencia, California, facility. Operations will end by the fall of 2019. The contribution of our Valencia associates is greatly appreciated, and this decision was not made lightly.”

The company noted that its operating expenses include $10.8 million of employee severance, $18.8 million of litigation costs primarily related to opioid lawsuits and investigations, and $30.4 million of other costs in connection with acquisition-related deal and integration costs, business transformation efforts, and other restructuring initiatives in the three months ended June 30, 2019.

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. We see good people being laid off through no fault of their own. 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 -- LAYOFFS AT PharMEDium (UPDATED)

FEBRUARY 21, 2020 — CLOSING MEMPHIS, TENNESSEE FACILITY WITH 167 EMPLOYEE LAYOFFS

The company has announced the permanent closure of its Memphis outsourcing facility commencing on April 20, 2020 with likely completion by September 30, 2020.

The facility has been in a holding pattern since December 2017 following adverse FDA inspection findings.

A company spokesperson noted, "The contribution of our PharMEDium associates is greatly appreciated, and this decision was not made lightly. We are encouraging impacted associates to apply for positions of interest within our organization, and all eligible associates will be offered severance benefits, as well as career support services."

The decision was announced in January 2019 that the facility was facing “ongoing operational, regulatory, and commercial challenges.”

Original post…

Lake Forest, Illinois-based PharMEDium Healthcare Corporation, a leading provider of ready-to-use compounded sterile intravenous preparations and owned by Chesterbrook, Pennsylvania drug wholesaler AmerisourceBergen Corporation, has announced a permanent layoff of 225 employees at their Memphis, Tennessee facility by March, 2019.

The original WARN (Worker Adjustment and Retraining Notice) filing on January 11, 2019 with the Tennessee Department of Labor and Workforce Development's Dislocated Worker Unit listed 440 employees at risk.

According to AmerisourceBergen’s spokesperson, "PharMEDium is redeploying capital to invest in operational enhancements that will enable it to meet the sterile to sterile compounding needs of hospitals across the nation. As these enhancements are made, PharMEDium’s Memphis Facility is not closing but will undergo a workforce reorganization that will ultimately impact 225 positions. Impacted associates will be offered severance benefits, as well as career support services.”

In a January 11, 2019 8-K filing with the Securities and Exchange Commission, the parent company, AmerisourceBergen, noted special provisions for a number of key executives.

Steven H. Collis, Chairman, President and Chief Executive Officer – “Mr. Collis’ employment agreement was amended to provide that in the event Mr. Collis’ employment is terminated by the Company without cause or by Mr. Collis for good reason, in either case, upon or within 24 months following a change in control of the Company, provided that Mr. Collis delivers an effective release in favor of the Company and its affiliates, Mr. Collis will receive the following payments: Continued base salary for a period of three years following termination of employment; and Three times the average annual bonus paid to Mr. Collis for the preceding three years, paid in three substantially equal installments over the three-year period following termination of employment.”

For those wanting to read more about how executives will be treated, the SEC filing can be found here.

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?