Crane Cams TO REOPEN

[treessavoy]

Originally Posted by Freddie

Jim: I didn't read anywhere that they were calling the employees back to work, only that they were let go. Most of the time In my experiance, when company does a restructuring deal like this one, they stay closed just long enopugh to not have to re-hire any old employees, or pay any prior debt. So when they re-structure and re-open they basicly start fresh, and are open to hire lower paid empolyees to help enhance thier bottom line in the future. Now I am not saying that this is whay Crane is doing, I dont work for them and dont know what they are planning, I am just stating that im my experiance this is the norm. I have bought and sold companies before, and this is a standard parctice when buying a struggling company.

So there is no guarantee that these poor 280 loyal employees will get thier jobs back, when they re-open thay may only hire 1/2 as many back, and may all be new employees. I have learned a long time ago, there is no more company loyalty. The days of working in the same job for your 25+ years getting your retirement and retireing anre very few and far in between.

Freddie you might be right I was assuming that they were going back to business as usual since I had'nt heard about any restructuring plans being formed.

With this economy I know we are going to see more of this.

Jim