AM I NEXT? NO LOVE AT SMEAD CAPITAL MANAGEMENT

Seattle, Washington-based Smead Capital Management, a manager of equity portfolios for institutions and asset management advisors, has announced that they will be relocating the company from Seattle, Washington to Phoenix, Arizona. The number of employees impacted by the move is unknown, but many employees appear to have a desire to stay in the Pacific Northwest.

According to a company statement, "The decision to relocate from Seattle to Phoenix was not a reactionary move caused by any of the events of the past several months." "As stock pickers, we continually evaluate our own business just as we would any of the companies that our clients own in their portfolios or the opportunities that the stock market presents us with for new investment.

"We took great care and deliberation in making this decision to relocate, which we began mentally exploring as early as two years ago. We announced our decision to move to Phoenix internally to our staff in January, long before COVID shutdowns or nationwide protests made their way to Seattle. Put simply, nothing happening or being reported in the news right now had any weight in our decision to relocate from Seattle to Phoenix."

"We love Seattle as well as the relationships and the experiences it has given us. We will miss the Pacific Northwest and everything it provided to us as a company and, on a more personal note, as individuals. Ultimately, Seattle was not able to provide the resources we sought for us to advise and serve our clients."

Although the decision was made prior to the civil unrest in Seattle, it should be noted that the Mayor and Governor of Washington failed to protect lives and property as rioters, looters, arsonists, and anarchists took over a major portion of Seattle's downtown area -- including a police department office which was abandoned by the order of the Mayor.

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?

AM I NEXT? IS THE HANDWRITNG ON THE WALL AT WESTERN UNION AND MONEYGRAM

Denver, Colorado-based Western Union Company, the iconic telegram and money transfer service, is seeking to acquire Dallas, Texas-based MoneyGram International.

Western Union has made a takeover offer for MoneyGram which may or may not be completed. Both companies face significant competition from the introduction of numerous high-tech platforms that can transfer money with lower fees. Survival lies in economies of scale and the expansion of platforms.

Of course, if the acquisition proceeds, look for significant layoffs as the surviving company seeks to reduce duplicative functions and personnel.

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?

AM I NEXT? NO LOVE AT 19TH CAPITAL GROUP

Indianapolis, Indiana-based 19th Capital Group , an  asset financing and fleet management company, has announced that it would be closing its Indianapolis facility. Approximately 199 employees will be impacted by the closure. A notice on 19th Capital Group’s website points to its Quality Division website that posted this ominous message.

“We have taken the difficult decision to continue the run off of 19th Capital’s assets, leading to an eventual wind down of the business. This will include the wind down of Quality – the operating name of our truck leasing and fleet services division. We value our relationship with you and are committed to meeting our obligations to you as we proceed through this process. This includes supporting all of your leases with us. We will continue to service all of our leases through maturity, with no changes to rates or any other terms. The wind down will take place over time, during which time 19th Capital Group and Quality will fulfill our contractual obligations, and serve the needs of our customers. Essentially, this means that nothing changes for you as a client. The schedule of your payments remains the same, and the requirements under your agreements with us are unchanged. We will ensure we keep a team in place to serve you during this transition, and we will remain in close contact with you as we manage this next phase of our business.”

It appears that this closure should come as no surprise to employees since the company was purchased in October 2018 by Toronto, Canada-based Element Fleet Management with the express purpose of executing an orderly run off of the company’s assets. The company attempted to see the company but no deal could be consummated at acceptable terms. Citing a deterioration in the truck and fleet management market, Element is “immediately reducing the scale of 19th Capital operations and engaging with third-party lenders.”

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?