Jenny Craig “Winding Down Physical Operations”, Mulling Bankruptcy
Iconic weight loss company Jenny Craig is shedding some pounds of its own, it was reported this week. The company is going to be “winding down physical operations” and is reportedly looking for a buyer, according to NBC News.
The company’s employees have been warned about “potential mass layoffs”, the report says, noting that the company says it “has been going through a sales process for the last couple of months.”
A company FAQ document related to the transition said: “While we had to issue Warn Notices specifically for sites where we had more than 50 people potentially impacted, this will likely impact all employees in some manner.”
It continued: “We do not know the exact employees/groups whom will be impacted, and if any employees may be retained. As a result, we would suggest that you anticipate that your employment may be impacted and begin to seek other employment.”
The company was founded in 1983 and was recently bought by HIG Capital in April 2019, for an undisclosed amount. At the time it operated 500 stores in the U.S. and Canada, mixed between company-owned and franchised.
The company didn’t return requests for comments by NBC. Bloomberg reported separately that the company is considering bankruptcy and that a filing could come “as soon as next week”, according to people with knowledge of the matter.
CEO and President Mandy Dowson told Bloomberg: “Like many other companies, we’re currently transitioning from a brick-and-mortar retail business to a customer-friendly, e-commerce driven model. We will have more details to share in the coming weeks as our plans are solidified.”
NBC says it found “dozens” of users on LinkedIn who list Jenny Craig as their employer who are now “open to work”. Severance for its current employees is supposed to be “based on job level and tenure with the company”, according to the FAQ, which then, also states: “However, at this time, it is highly unlikely that these will be paid.”
Tyler Durden Fri, 04/28/2023 – 20:00
Source: https://freedombunker.com/2023/04/28/jenny-craig-winding-down-physical-operations-mulling-bankruptcy/
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