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 AT TRAMONTINA

Sugar Land, Texas-based Tramontina, an aluminum cookware manufacturer and subsidiary of Rio Grande do Sul, Brazil-based company, has decided to cease manufacturing and assembly in the United States and consolidate production in the company’s 10 facilities in Brazil. The decision was driven by financial considerations and the rising cost of materials, labor, and transportation.

As a consequence of this decision, 108 employees assembly employees will be laid off in Sugar Land, Texas and is shuttering its manufacturing facility in Manitowoc, Wisconsin which will result in the loss of another 145 jobs. The layoffs in Wisconsin will begin around August 31, 2019 and those in Sugar Land beginning in September, 2019.

A company spokesman noted, “This is an extremely difficult announcement. Due to the production cost increases over several years, our shareholders decided to cease manufacturing operations at our U.S. facility as a strategic step towards consolidating our production within the group’s existing factories in Brazil, which allows us to focus more on product development, sales and logistics in the U.S.”

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 LENDINGCLUB (10/14/23)

OCTOBER 14, 2023 — 172 EMPLOYEES

The company has announced that it will lay off 172 employees, or about 14% of its workforce, in an effort to cut costs and that it expects to report a decline in third-quarter profit.

Chief Executive Officer Scott Sanborn noted,

“We continue to proactively implement various measures to navigate the persistent and ongoing macroeconomic headwinds and the resulting pressure in our marketplace, primarily driven by higher interest rates. Longer term, we expect marketplace revenue to rebound as we capture the historically large credit-card debt refinancing opportunity.“

JANUARY 13, 2023 — 225 LAYOFFS

The company has announced that it would lay off 225 employees, or 14% of its staff, as higher interest rates discourage loan demand. The company forecast fourth-quarter revenue that was below expectations.

LendingClub CEO Scott Sanborn …

"We have proactively implemented various measures to make this happen, including the very difficult decision to reorganize and reduce our workforce. These measures enable us to more closely align our expense structure to loan volume and revenue, while ensuring effective execution against our strategic priorities and long-term vision.”

“It's never easy to part with people who are not just outstanding contributors but also teammates and friends. We are working to help all our impacted teammates transition. We are providing bonus/incentive pay, making accommodations for foreign nationals on employment visas, providing ongoing support, and more."

JULY 16, 2019 — Original post…

San Francisco-based LendingClub, a peer-to-peer online lender connecting borrowers and investors, is continuing its restructuring activities. First, by converting the company’s underwriting of small business loans to a lead-generation and referral fee model; second, by capturing cost savings by transferring its online customer support operations from its San Francisco office to Lehi, Utah. Approximately 350 employees will be laid off during the transition period.

According to a company spokesperson, “This is one of those messages that, while I know it’s the right thing for the company, is tough to deliver. It means that ‘virtually all operations positions, including those supporting auto, will eventually no longer exist in San Francisco. Growing exclusively in San Francisco simply doesn’t make financial sense. Instead, we now have plenty of headroom to grow affordably in Lehi and access a new talent base in Utah.”

The company has just completed a reverse stock split to reduce the number of shares outstanding and to increase its attractiveness to institutional investors.

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?