A mass layoff occurred today. The RIF effected everyone in the org from purchasing to IT to operations. There has been no major announcements from the C-Suite and the only way news has been passed is through word of mouth and seeing bounce back emails. Everyone is demoralized with the rapid changes.
It seems the Leadership in some areas were let go. The news is that the interim CEO is looking to cut costs before the earnings call. Everyone is tense with the notion of having to work extra to make up for the laid off employees. Only time will tell how this org restructuring works for the company.
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The company is being positioned to be sold. 5% reduction in work force and other cost cutting measures (cuts in capX) will make the company more attractive for sale. Also rumors are various divisions may cut spun off and sold….Torrance, USMO
Millions in bonuses were saved by not selling earlier this summer. Those packages are gone. Best think for remaining employees is to get sold
Over 70 projects that are behind schedule or below cost. They underestimated the affects of COVID on supply chain. Borrowed 400 million to keep acquiring companies when the should have paused. All in the name of getting to a billion dollar market cap. New management and board of directors all put in place by activist investors don't have a clue.
First step before they file for bankruptcy. It's a desperation move. They are not paying there vendors.
Stock has been down for the past I don’t even know how long. Company’s going to go bankrupt with time especially after customers have sent letters stating how mercury has been unable to keep talent and is also missing deadlines.