AM I NEXT? NO LOVE AT TECHNICOLOR

Paris, France-based Technicolor, the iconic color motion picture film processor and now a French multinational corporation that provides services and products for the communication, media, and entertainment industries, has announced layoffs at its CD/DVD Disc manufacturing facility in Huntsville, Alabama. The layoffs will impact 100 employees. According to employees, the plant was to be closed in 2019

It appears that Technicolor wants to exit the Disc manufacturing business.

Coincidently, France-basedTechnicolor Home Entertainment announced that they will be closing their one-million-square-foot Olyphant Pennsylvania compact disc duplication and packaging plant and laying off the remaining workers in 2018. Approximately 160 workers are affected. Technicolor's spokesperson, Lane Coope, said in a published report, “In an ongoing assessment of market conditions and operational requirements to remain competitive in our key areas of business, Technicolor will be ceasing packaging and replication operations at its Olyphant facility.”

The real issue is a disruption in Tehnicolor's business model that sees CD/DVDs being obsoleted by on-demand streaming technologies.

In June 2020, Technicolor announced that it has filed for Chapter 15 bankruptcy which allows a foreign debtor to file for bankruptcy in the United States court system. Technicolor attributed its financial problems to the COVID-19 pandemic and noted, “Compounding matters, the COVID-19 pandemic has caused theatrical releases to be put on hold and production timelines to be pushed back, significantly depressing Technicolor’s revenue from production services."

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 HALOZYME

San Diego, California-based Halozyme, a biotechnology company that develops new cancer therapies and drug delivery systems, has announced that it will layoff 160 employees, approximately 55% of its workforce.

The decision was driven by the under-performance of a Phase 3 pancreatic cancer drug trial designed to confirm the drug’s effectiveness when compared to standard care methodologies. The company will concentrate on its profitable drug delivery system.

According to a company spokesperson…

“Halozyme intends to halt development activities for PEGPH20 and implement an organizational restructuring to focus its operations solely on its ENHANZE® drug delivery technology. In order to implement this strategic shift, Halozyme will immediately initiate an organizational restructuring to halt development activities for PEGPH20 and close its oncology operations. As a result, Halozyme expects the following:

• Headcount will be reduced by approximately 55%, or approximately 160 positions, with over 80% of the reduction completed in early January 2020.

• Restructuring and other cost-saving efforts will result in savings of $130 to $140 million in 2020 compared with the Company's most recent guidance for 2019 operating expenses excluding cost of goods sold.

• Upon completion of the restructuring and after booking all related one-time charges, Halozyme anticipates becoming a sustainably profitable company beginning in the second quarter of 2020.

• Projected annualized operating expenses excluding cost of goods sold of between $65 million and $75 million will be achieved by the fourth quarter of 2020.

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 STEVENS TANKER DIVISION

Dallas, Texas-based Stevens Tanker Division of Stevens Transport, a common carrier serving the petroleum industry in Texas, New Mexico, Oklahoma and Louisiana, has announced they will be ceasing all operations of Stevens Tanker Division and shuttering their terminals. The closure will affect 586 employees statewide, including the company’s nine job sites and headquarters personnel. According to a company the closure will take effect on October 15, 2019 and is attributable to petroleum economics.

A company spokesperson noted, “The final decision to close was the result of unforeseen business developments over which Stevens Tanker Division had no control, including a 65% reduction in sand orders starting on September 20, 2019 and the continual loss of production water due to customers’ increased use of piping. It is with deep regret that I must notify you that Stevens Tanker Division will cease all operations on October 15, 2019. This will be a permanent closure of all Stevens Tanker Division business at all locations and in all divisions.

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?