A major US company just shut its doors and it could be a horrific sign of things to come in the very near future for this country.
United Furniture Industries has dissolved, laying off 2,700 workers in the process.
This layoff impacted workers in three states, and many economists think that this may only be the beginning.
Disappointing Holiday
Sadly, this happened to these workers only days before Thanksgiving.
They woke up to a message from their employer that the doors were closed and their benefits were gone.
The notice stated, “At the instruction of the board of directors … we regret to inform you that due to unforeseen business circumstances, the company has been forced to make the difficult decision to terminate the employment of all its employees, effective immediately, on Nov. 21.
“With the exception of over-the-road drivers that are out on delivery.
“Your layoff from the company is expected to be permanent and all benefits will be terminated immediately without provision of COBRA.”
The company, which manufactured furniture for Simmons Upholstery, did flash some warning signs.
Over the summer, three top executives were terminated and 500 employees were laid off.
Now, it appears the company has decided that the best path was to simply close its doors.
I hope I am wrong on this, but far too many people are pointing to massive problems early next year in our labor market.
Source: New York Post
