AM I NEXT? NO LOVE AT CONSENSYS (10/29/24)

OCTOBER 29, 2024 — 160 EMPLOYEES

The company has announced a 20% reduction in force company-wide, or 160 employees.

According to Founder and CEO Joe Lubin,

“The broader macroeconomic conditions over the past year and ongoing regulatory uncertainty have created broad challenges for our industry, especially for US-based companies.

Even in the face of these challenges, our ecosystem is on the precipice of becoming a globally systemically defining force, with web3-native companies making great strides and more traditional companies leaning into web3.

To stay competitive, we need to reshape ourselves to be more agile, more effective, and even higher-performing.

Today, we are making the tough but prudent decision to streamline our operations to position Consensys for ongoing rapid innovation, long-term sustainability under possibly volatile scenarios, and continued leadership in the web3 space.

This decision impacts 20% of Consensys’ total workforce. We are deeply grateful for their contributions in getting Consensys to where it is today, and we are committed to providing all affected employees with substantial support as they move on to their next chapter.

Since its inception, Consensys has been dedicated to supporting the vision and mission of the Ethereum project and, beyond that, driving progressively towards rigorous decentralization. In the coming weeks, we’ll be making concrete announcements that demonstrate our commitment.”

DECEMBER 27, 2018 — Original post…

New York City, New York-based ConsenSys, a blockchain-associated technology incubator and technology company, has announced a major restructuring that will result in a significant reduction in headcount and the spin-off of companies that received ConsenSys financial support.

The number of employees impacted is estimated to be in the hundreds with the possibility of up to a sixty percent of its 1,200 employees being affected. The company has suggested that the restructuring is the result of major competition in the blockchain space and the company’s desire to exit the incubator business, known as ConsenSys Labs, in favor of being a more traditional venture capital investor. The leadership and employees of the approximately fifty projects being funded by ConsenSys would need additional financial support, and lacking this support would mean having to radically downsize or close down their projects.

The company was intimately involved with the Ethereum crypto-currency and looked to gains in the Ethereum units to continue funding the enterprise. ConsenSys was primarily funded by its founder who was said to have a crypto-based fortune in the low billions. When the price of ETH tokens falling from $1,417.38 to $102.44, ConsenSys could not longer afford to fund its projects with an estimated burn rate of $100 million per year. Hence the spin off of the projects.

While most people think of blockchain as the technology behind crypto-currencies, which appear to be collapsing or fluctuating in wild swings, the technology can be applied to most systems that require a record of secure transactions that are available to all without a central server and control mechanism. However, most companies prefer to serve as the keepers of a a well-controlled proprietary platform rather than a free-form enterprise piggybacking on a public system.

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 terrible 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. While many employees can read the writing on the wall, why do most assume it’s targeted at someone else? Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT MIMEDX

In a fight for its survival, Marietta, George-based bio-pharmaceutical company MiMedx, has announced an “organizational realignment” that will reduce headcount by 240 employees, with about 120 being in sales and support functions.

According to David Coles, interim CEO… “Today’s announcement is difficult as it affects many of our colleagues. I’d like to thank all of our employees for their contributions to our Company and their support of our mission. We are confident these organizational changes will both better align our cost structure with our near-term revenue expectations and allow us to operate more efficiently and effectively. By tackling the cost structure now, we believe we are better able to position MiMedx to capitalize on the market opportunities presented by our products and pipeline and, hence, preserve and drive long-term shareholder value.

There is little or no doubt that the company is in desperate times. It is under federal investigation by the IRS, SEC, and DOJ for channel stuffing – recording more sales to the VA Hospitals than it actually used, has been forced to reissue financial statements for the last six years, has seen their stock delisted from NASDAQ, and has seen many of their top leadership leave the company. Not surprising the departures included the former Chairman and CEO, the COO, the CFO, and Treasurer. The class action attorneys are soliciting stockholders and it would be surprising if the company did not enter a prepackaged bankruptcy.

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

AM I NEXT? NO LOVE AT TEXTRON (UPDATED)

JULY 14, 2020 — 800 EMPLOYEES LAID OFF, MOSTLY IN WICHITA, KANSAS

Textron Aviation laid off around 800 workers this morning (Tuesday, July 14). Most of those workers were employed at facilities in Wichita. The count does not include the 70 employees laid off in June, 2020.

Preparing and responding to the “evolving global economic uncertainty and existing market conditions,” the company has laid off approximatel 800 employees, with the majority being employed in Wichita, Kansas.

According to an SEC filing, the company plans to eliminate 1,950 positions in three business segments: Textron Aviation, Textron Specialized Vehicles, and Tru Simulation + Training.”

In the finest corporate-speak, “Textron Aviation remains focused on continuing to support our customers with best-in-class aircraft and services during this difficult time.

JUNE 26, 2020 — 250 LAYOFFS NATIONWIDE, 70 LAYOFFS IN WICHITA. 2,000 EMPLOYEES TARGETED

Accordin to a company statement…

“As Textron Aviation continues to adjust to the evolving global economic uncertainty and existing market conditions, the company has announced workforce reductions and additional periodic furloughs in some functional areas throughout the remainder of 2020.

“Today, workforce reductions affect approximately 250 salaried exempt and salaried nonexempt employees across the company’s workforce at most of our U.S. facilities. Bargained employees are not impacted by today’s announcement.”

“Textron Aviation remains focused on continuing to support our customers with best-in-class aircraft and services during this difficult time.”

A previous filing with the SEC (Securities and Exchange Commission) indicated that the company planned to cut 2,000 positions as part of a restructuring plan to address economic challenges due to the pandemic.

DECEMBER 5, 2019 TEXTRON AVIATION ANNOUNCES NEW LAYOFFS IN WICHITA, KANSAS

Textron Aviation will lay off 875 professional employees, mostly engineers and support personnel, at its Wichita headquarters effective December 31, 2019. This follows a previous offer of voluntary retirement for selected employees.

It is likely that the decision was conditioned on the completion of development on the new Cessna Citation Longitude business jet, which was FAA certified on September 2019. The company has also suspended development on the Cessna Citation Hemisphere due to engine-related issues.

According to a company spokesperson, “Textron Aviation remains focused on our long-term strategic workforce plan and will continue hiring as needed for skilled advanced aviation manufacturing positions such as composites, tooling, A&P mechanics, avionics technicians, and other direct manufacturing and customer support jobs.”

In an SEC filing, the company also announced that a number of facilities would be closed.

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Providence, Rhode Island-based Textron, the manufacturer of such iconic brands such as Bell Helicopters, Cessna Aircraft, Beechcraft Aircraft, and E-Z-GO small vehicles, has announced that it plans to proceed with a restructuring of its Specialized Vehicles operation within its industrial group. The restructuring will result in the closure of one Augusta, Georgia facility and laying off approximately 400 employees. The decision was driven by the under-performing business segment.

According to an Securities and Exchange Commission filing, “Management conducted a strategic review of the Textron Specialized Vehicles businesses, which included an assessment of the acquired dealer network and go-to-market strategy for the Textron Off Road and Arctic Cat brands, as well as cost reduction initiatives throughout the Textron Specialized Vehicles businesses.

The restructuring plan will result in the impairment of intangible assets, primarily related to product rationalization, the elimination of approximately 400 positions, representing approximately 10% of Textron Specialized Vehicles’ workforce, and closure of several factory-direct turf-care branch locations and a manufacturing facility.

The restructuring actions under this plan are expected to result in improved operating results for these businesses.”

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?