Auburn Hills, Michigan-based Unique Fabricating, a supplier of non-metallic die-cut parts from plastic, rubber, and foam primarily for the automotive industry, has abruptly declared Chapter 7 bankruptcy and closed its operations without prior notice.
The closure impacted 175 employees in LaFayette, Georgia. What is happening at the company's other locations in Michigan, Kentucky, Canada, and Mexico is unknown. However, in an SEC filing, the company claimed 915 full-time and 58 contract workers as of the end of 2021.
According to a statement to the SEC, "On November 8, 2023, the Company filed a voluntary petition for relief under chapter 7 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware thereby commencing a Chapter 7 case for the Company. It is unlikely that holders of the Company’s common stock will receive any payment or other distribution on account of those shares following the bankruptcy proceedings."
That the company was facing insolvency was well known in the business press in April 2023. As well as problems with lenders, regulators, and others.
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?
