NO LOVE AT VERIZON MEDIA (UPDATED)

DECEMBER 11, 2019 VERIZON MEDIA TO LAY OFF 150 EMPLOYEES

Verizon Media has announced the layoffs of 150 employees as it struggles to find its way as a content platform and creator.

According to a company spokesperson, "Our goal is to create the best experiences for our consumers and the best platforms for our customers. Today we are investing in premium content, connections and commerce experiences that connect people to their passions and continue to align our resources to opportunities where we feel we can differentiate ourselves and scale faster.”

JANUARY 24, 2019 — LAYOFF COUNT INCREASED BY 250 EMPLOYEES

Following the company-wide buyouts in December 2018, the company announced a reduction in headcount of 7-percent or approximately 800 employees.

According to a company official, Verizon Media CEO Guru Gowrappan, “These were difficult decisions, and we will ensure that our colleagues are treated with respect and fairness, and given the support they need. I want to be clear that we will continue to scale, launch new products and innovate. We are an important part of Verizon ... Now is the time to go on the offensive, go deep on our big priorities and do everything we can to advance the business.” Oath has now been re-branded to Verizon Media

SEPTEMBER 12, 2018: MANAGEMENT CHANGE AT THE TOP

Oath’s CEO Tim Armstrong will be turning the CEO position to K. Guru Gowrappan on October 1, 2018, but will remain as a consultant to year end.

In addition to restructuring, there appears to be an internal fight over using data from Verizon’s customers to enhance Oath’s advertising business. Personally, I do not want my Verizon calls used to provide targeted advertising. Especially with behavioral scientists developing the capabilities to define, describe, and motivate behavior based on call, search, or tweet patterns.

Original Post…

Oath, the subsidiary of Verizon Communications’ Media and Telematics division, that serves as the umbrella organization for acquisitions such as AOL, Yahoo, and the Huffington Post has announced that they were laying off approximately 550 employees to “further align our global organization to our 2018 roadmap.” This comes after the 2,100 layoffs following the acquisition of Yahoo in June, 2017. The name Oath was chosen because it “represents the commitment we’ve made to building brands and it honors the promises we make to each other, our partners, clients and the world every day.” Notice that there is no mention of a commitment to employees. As with all mergers and acquisitions, there will be redundant functions and personnel that mandate departmental closures and layoffs. One reason to closely monitor the financial health, competition, and acquisition potential of your organization.

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 ... are you now wondering, Am I Next?

NO LOVE AT DISNEY PARKS & RESORTS DIVISION

Responding to a blogger and the rumors of “thousands of layoffs” at Walt Disney’s Parks and Resorts division, Disney confirmed that at least 145 employees will be losing their jobs in the coming months. According to a company spokesperson “Disney does not expect the layoffs to affect guests, as the jobs being cut are not customer-facing and will come from several back-of-house operations. The jobs cut are part of a restructuring to realign with future needs and priorities.” Disney/ABC TV Group and ESPN has already started their layoffs to implement a restructuring program to respond to future consumer trends. Which makes perfect sense as salaried employees have a greater lasting impact on te bottom line than hourly part-timers.

NO LOVE AT APPVION (03/23/21)

MARCH 23, 2021— ROARING SPRING, PENNSYLVANIA PLANT CLOSURE WITH 293 LAYOFFS

The financially-challenged company has announced that it will be closing its Roaring Spring, Pennsylvania paper mill on April 1, 2021, with 293 layoffs, including 250 employees and 43 managers.

Spring Grove, Pennsylvania-based Pixelle Specialty Solutions LLC, a manufacturer of specialty papers, on Tuesday said it has signed a definitive agreement to acquire the company’s carbonless rolls and security papers business which will be produced at Pixelle’s specialty papers mill in Chillicothe, Ohio. No other assets were acquired.

The decision was driven by a pandemic-driven decline in business and the trend toward electronic forms and security products.

Part of the decision appears to be based on politics and the anticipated costs associated with upgrading the plant’s equipment to meet forthcoming climate change requirements. The company already upgraded its plant to meet emission standards set by the Obama Administration.

NOVEMBER 17, 2017 — Original post…

Appvion, a 100% employee-owned, Wisconsin-based, producer of specialty coated papers (thermal, carbonless, security, inkjet, digital specialty, and colored papers) has announced that it will be laying off approximately 200 employees as part of its Chapter-11 bankruptcy restructuring plan. The company has already outsourced its warehousing and distribution functions resulting in the loss of another 62 jobs.

According to management …

Our business is fundamentally sound; however, our debt load is too high. We have been proactively working on finding a capital structure solution to address our debt and remain in constructive discussions with our lenders on a comprehensive plan to significantly reduce our debt and enhance our cash flow.

While these discussions are active and ongoing, Appvion initiated Chapter 11 proceedings to facilitate a financial restructuring. This decision was made after careful consideration and after thoroughly exploring various alternatives.
We believe the steps we are taking will result in a sustainable capital structure that best positions our business for long-term growth and success. Our goal is to emerge as a stronger company – well-positioned to compete long-term and to further invest in innovation.

Since Appvion is 100% employee-owned, I wonder if any of those employees looked at the company’s financials and computed some of the standard ratios that might have produced early-warning red-flags; giving employees time to provide for their own fall-back positions?