Kowloon, Hong Kong-based Global Brands Group, a leading manufacturer, distributor, and retailer of branded fashion apparel, accessories, and footwear, has announced that it has laid off 78 employees and is presently considering the closing of its Greensboro, North Carolina office.
The Greensboro office supports business operations and includes finance, order process management, and IT support.
The decision appears to be driven by a liquidity crisis in which the company is unable to pay vendors who are refusing to ship goods. The company is seeking to “secure adequate financing or consummate an alternative transaction in order to address its liquidity needs and continue full operations as it seeks a buyer or buyers for all or a portion of its business.”
“At this time, it is not possible to determine how successful the company will be in its efforts to sell all or a portion of its business. If the company is not successful in finding a buyer or buyers, it is likely that the NC facility will experience a plant closing, in which case all employees will be terminated. There may also be layoffs if the company finds a buyer or buyers, but if the buyer does not take on all of the company’s remaining workforce, or if the company does accomplish a sale but discovers that financial constraints prevent it from continuing to employ all of the remaining workforce up to the effective date of such a sale.”
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?