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The company had played the "liquidation" card before. I don't have a reference, but it was mentioned in one of the articles I read today. I believe the strike
by DigitalJack 14y ago
The company had played the "liquidation" card before. I don't have a reference, but it was mentioned in one of the articles I read today.
I believe the strike was "the straw that broke the camel's back", although a strike carries more weight than the proverbial straw, it certainly is not the sole thing to blame.
But it is a factor, and a helluva big one. If the company you work for is in dire straits, and you want to recover and for you to keep your job, striking is probably not a wise choice.
- danielweber 14y agoIt's interesting that they didn't do a re-organizational bankruptcy, which would say "get us out from under (union and other) contracts and we can compete again." They are doing a liquidation bankruptcy. The name brands may well survive, like the pets.com dog did, but it will be at other companies. EDIT: as child comments point out, they were in re-org and have now collapsed into liquidation
- DigitalJack 14y agoThey've been in re-org bankruptcy since january. Part of the re-org was a new contract with the union. The union rejected and went on strike.
- gwright 14y agoMy understanding is that this was a re-org bankruptcy but that the unions rejected the contract that was agreed to during the re-org and went on strike. Nothing left after that other than to liquidate. This sounds to me like a game of brinksmanship in which neither side blinked.