Fresno, California-based Prima Wawona, one of the largest growers and packers of tree fruit in California, has announced a major sell-off of 16,000 acres of prime agricultural land and a mass reduction in force.
The reduction in force will impact 5,411 employees, including 121 full-time positions (managers, accountants, directors, sales representatives, and supervisors) and 3,743 seasonal employees.
The decision was driven by the company's financial collapse into Chapter 11 bankruptcy on October 13, 2023, and the lack of a buyer to resurrect the company.
According to court documents, the collapse was caused by mismanagement, a lack of understanding of the volatile tree fruit industry, and the use of high-priced consultants who were “either performing poorly or doing nothing at all.”
It appears that this is another case of financial engineering by a private equity firm that did not understand the business of farming.
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?
