AM I NEXT? NO LOVE AT MIMEDX

 Am I Next? Major layoffs at MiMedx — financial jeopardy.

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

 Am I Next? Textron restructuring its Specialized Vehicles Division - 400 layoffs anticipated.

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.”

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 BAY MEDICAL SACRED HEART

 Am I Next? Bay Medical Sacred Heart downsized and lays off 800 employees.

Bay Medical Sacred Heart, located in Panama City, Florida, has announced that there will be major layoffs as the hospital downsizes from a 323-bed facility after suffering major structural damages in October’s (2018) Category 4 Hurricane Michael.

Approximately 800 employees will be affected as the hospital plans to reopen at one-fourth its previous size. According to Bay Medical CEO Scott Campbell, “We are heartbroken to share this news at such a difficult time. The decision to reduce our workforce has been incredibly difficult, but necessary to ensure our ability to continue providing care to the community and preserve critical services.” The first phase of the restoration of services will include opening as a 75 bed facility with eight operating rooms and five cardiac catheterization labs.

The Bay Medical facility is operated by Ardent Health Services as a joint venture with Ascension Sacred Heart which is planning to purchase Ardent’s controlling interest and putting the facility in its nonprofit network portfolio.

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?