AM I NEXT? NO LOVE AT AMYLYX

Cambridge, Massachsetts-based Amylyx, a biopharmaceutical company specializing in therapeutics for treating amyotrophic lateral sclerosis, has announced a major reduction in force following the voluntary withdrawal of Relyvrio from the marketplace due to its failure in a confirmatory clinical trial.

The reduction will impact up to 70% of the company's workforce or approximately 274 employees.

According to an SEC filing...

"On March 8, 2024, the Company announced topline results from PHOENIX, a global, 48-week, randomized, placebo-controlled Phase 3 clinical trial of AMX0035 (sodium phenylbutyrate and taurursodiol [also known as ursodoxicoltaurine]; RELYVRIO in the U.S., ALBRIOZA™ in Canada) in people living with amyotrophic lateral sclerosis (ALS). PHOENIX did not meet its primary endpoint of reaching statistical significance (p=0.667) as measured by change from baseline in the Revised Amyotrophic Lateral Sclerosis Functional Rating Scale (ALSFRS-R) total score at Week 48, nor was there statistical significance seen in secondary endpoints."

"On April 3, 2024, the board of directors of Amylyx Pharmaceuticals, Inc. (the “Company”) approved a restructuring plan designed to focus the Company’s resources on key clinical and preclinical programs (the “Restructuring Plan”). The Restructuring Plan includes a reduction in force which is expected to reduce the Company’s workforce by approximately 70% and a decrease in external financial commitments outside of its priority areas. The Company expects to substantially complete the Restructuring Plan by the end of the third quarter of 2024. As part of this Restructuring Plan, the Company expects to incur severance and severance-related charges of approximately $19 million."

"The Company is also evaluating its inventory purchase commitments and the impact its Restructuring Plan will have on inventory obsolescence. The Company may also incur other charges or cash expenditures not currently contemplated or that cannot be currently estimated due to events that may occur as a result of, or associated with, the Restructuring Plan."

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?

AM I NEXT? NO LOVE AT WIRTHWEIN NEW BERN CORP.

New Bern, North Carolina-based Wirthwein New Bern Corp, a subsidiary of a Germany-based plastics technology company offering plastics tooling, production, assembly, and logistics to various industries, has announced a reduction in force.

Depending on circumstances, the reduction will impact approximately 50 employees, commencing in May 2024. However, the company has filed a State WARN notice for all 120 employees.

According to a company spokesperson, Wirthwein New Bern makes plastic parts for dishwashers, Samsung products, and the automotive industry, among other things. The company has about 120 employees. The remaining 50 to 60 employees at Wirthwein New Bern will service German appliance maker BSH Home Appliances Corporation exclusively. BSH also has a plant in New Bern.

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?

AM I NEXT? NO LOVE AT WEST FRASER TIMBER COMPANY

Vancouver, Canada-based West Fraser Timber Company, a forestry company producing lumber, laminated veneer lumber, medium-density fibreboard, oriented strand board, plywood, pulp, newsprint, and wood chips, has announced the closure of the West Fraser Sawmill in Perry, Florida, and the relocation of viable equipment to other locations or be offered for sale.

The closure will impact 126 employees.

According to a company spokesperson, “Following the decision in January 2023 to indefinitely curtail the Perry Sawmill in Florida, which saw a small crew kept onsite to maintain the mill, West Fraser is now moving to permanently close the mill by the end of March. The few remaining workers will complete their last shifts this week. The equipment will then be assessed for use elsewhere. High fiber costs at Perry and a low-price commodity environment have impaired its ability to profitably operate. Prior to the indefinite curtailment announcement in January 2023, the Perry Sawmill employed approximately 126 people.”

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?