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Did Fender pay severance to their workers? I'm reading that they didn't, but isn't that a law?
As covered by guitar.com:
https://guitar.com/news/industry-news/fender-reportedly-lays-off-hundreds-california-employees/
McKnight knew before even it became public. That's how good this management crew is, it's a leaky ship. Now the talent will start to leave.
All senior management cares about is protecting their own bonus system. The company has no soul and should be ashamed of itself.
Phillip McKnight talks about this in his podcast, fast forward to 1:30
https://www.youtube.com/watch?v=WyB56ZEHoxw&t=93s
300 people were laid off.
Bulk of layoffs were 2nd shift (5pm-1am) USA production line at Corona California USA production. ( their current slowest selling market sector)
stories of lower Quality Control on guitars built on night shift
Fender seeking new blood replacements for start of next fiscal quarter have already been posted...
Fender recently spent a considerable sum to acquire Presonus...
CEO Andy Mooney says demand is highest at the extremes (Custom Shop & Squier), and much lower demand for the USA production line models...