Chicago, Illinois-based Enlivant, a management-operator of assisted living facilities, has announced a major reduction in force at its Chicago Support Center due to financial difficulties.
The reduction in force will impact 284 employees on a phased schedule beginning on July 16, 2023, and continuing through December 2023.
It appears that the owners of multiple assisted living facilities are reconfiguring their portfolio, which cast some doubt on its joint venture’s 157-community Enlivant portfolio’s ability to continue as a going concern. The audit said the COVID-19 pandemic had created significant cost increases and lost revenue, resulting in declining income and cash flow that led to a default of its credit facility and portage notes debt agreements.
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?