Facility Closures and Layoff Announcements (Jan. 6-12)
A Weekly Listing of Future Corporate Downsizings
This report is excerpted from Watch List, a weekly column of distressed commercial properties, mortgages and corporate news.
There were 1,300 seasonally adjusted mass layoff events in November of this year affecting 136,924 workers - the largest number of employees laid off in that month in four years. That brings the totals this year to 13,734 layoffs, affecting 1,408,852 employees, up just slightly from this time last year.
The following future closings and permanent mass layoffs were reported in Alabama.
· Cavalier Homes Inc. will idle its home manufacturing facility at 255 Bexar Ave. E. in Winfield. Production at Winfield is expected to stop in this month with shipments of completed units from finished goods inventory is expected to continue through February or March 2008.
· Dixie-Pacific Manufacturing Co. is closing down at 1700 W. Grand Ave. in Gadsden laying off 172 employees by Feb. 8.
· Springs Global is closing down at 100 Springs Drive in Piedmont laying off 325 employees on April 30.
· WestPoint Home is closing its Fairfax Fabrication Plant at 1050 Fairview Ave. in Valley laying off about 900 employees by Feb. 7.
Zoots Corp. is closing a dry cleaning production facility in Wallingford, CT, by Feb. 13, affecting 80 employees.
The following future closings and permanent mass layoffs were reported in Florida.
· Atlas Pen & Pencil is laying off 191 employees at 3040 N. 29th Ave. in Hollywood on March 1.
· COMP USA is closing three stores: 11350 Pines Blvd. in Pembroke Pines; 1835 West Hillsboro Blvd. in Deerfield Beach; and 7440 North Kendall Drive in Miami by Feb. 22, laying off 50 employees at each store.
The following future closings and permanent mass layoffs were reported in Georgia; no specific layoff dates were identified.
· MI Windows & Doors Inc. is laying off 200 employees at 336 Magnolia Ave. in Millen.
· S. Lichtenberg & Co. is laying off 58 employees at 231 E. 13th St. in Waynesboro.
· Simonton Windows is laying off 182 employees at 129 N. Commerce Dr. in Lyons.
· Unarco is laying off 136 in Acworth.
· Weyerhaeuser Co. is laying off 82 employees at 1412 Eatonton Road, # 700, in Colbert.
Value City is closing its store at the Iverson Mall at 3737 Branch Ave. in Hillcrest Heights, MD, on Feb. 15, laying off 126 employees.
The following future closings and permanent mass layoffs were reported in New Jersey.
· Affinity Direct is laying off 23 employees at 910 Sylvan Ave., Suite 1, in Englewood on Jan. 4.
· Bayonne Medical Center is laying off 1,020 employees at 29 E. 29th St. in Bayonne on Jan. 3.
· McNeil Consumer is laying off 296 employees at 100 Jefferson Road in Parsippany on Jan. 11.
· Pathmark is laying off 557 employees at 200 Milik St. in Carteret on Jan. 26.
· PLVTZ Inc. (Levitz Furniture) is laying off 224 employees at 24 North Applegate Drive in Robbinsville on Jan. 9.
· Sultan Healthcare is laying off 64 employees at 85 W. Forest Ave. in Englewood on Feb. 1.
· US Pipe & Foundry is laying off 180 employees at 1101 E. Pearl St. in Burlington on Feb. 1.
· Value City is laying off 101 employees at 468 Chancellor Ave. in Irvington on Jan. 7.
Standard Motor Products Inc. plans to shut down its manufacturing operations at its 301,100-square-foot property at 37-18 Northern Blvd. in Long Island City, NY. As part of that plan it has agreed to sell the property to EX II Northern Boulevard Acquisition LLC. The purchase price is to be $40.6 million. The closing should occur in the first half of 2008. Standard Motor Products intends to leaseback the property for an initial term of 10 years. The lease deal contains four 5-year renewal options. During approximately the first year of the lease, the company will make initial annual rent payments of approximately $2.6 million. Thereafter, the company will reduce its leased space and the annual rent payments will decrease to approximately $1.6 million. The company's rent payments will increase 3% per year for the first 20 years of the lease, other than in years 11 and 16 when the increase will be 10% and 5%, respectively. The lease also provides for a build-out allowance of approximately $2.1 million.
FreightCar America Inc. will close its manufacturing facility at 17 Johns St. in Johnstown, PA, which employs approximately 390 employees; no date was announced.
The following future closings and permanent mass layoffs were reported in Texas.
· Cypress Semiconductor Corp. will exit its Fab 2 semiconductor manufacturing facility at 17 Cypress Blvd. in Round Rock by late 2008 and transfer production to its more cost-competitive Minnesota fab and outside foundries. Cypress opened Fab 2 in 1987 with 68 employees and 18,000 square feet of cleanroom space. The plant was expanded to 32,000 square feet in 1999 and currently employs 245 people.
· Riviana Foods Inc. will construct a new 400,000-squarefoot, state-of-the-art rice processing and packaging plant and on-site warehousing/distribution center on a 31-acre site adjacent to its packaging facility in Memphis, TN. Construction will begin in the second quarter of 2008 with final completion anticipated to occur in mid-2010. Over the two-year time period, production and packaging at Riviana's Houston plant will be phased out and transferred to the new Memphis facility. At the end of this transition period, the Houston plant, which includes the Instant and Packaging Plants, Warehouse and Technical Center at 1702 Taylor Street, will then be closed and operations will cease. Currently, approximately 250 employees work at the Houston facility. Riviana's headquarters will remain in Houston at its 2777 Allen Parkway location.
The following future closings and permanent mass layoffs were reported in Virginia.
· Avionics Specialties Inc., a wholly owned subsidiary of Aerosonic Corp., is closing its plant at 3367 Earlysville Road in Earlysville at the end of this month. Avionics conducted initial environmental testing as part of its due diligence process undertaken in preparation of the sale of the Earlysville property and in doing so detected the presence of chlorinated solvents in soil and groundwater on the property. Further testing is being undertaken.
· Remy International Inc. (World Wide Automotive) is laying off 81 employees at 4260 Entre Court in Chantilly on Feb. 16.
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This report is excerpted from Watch List, a weekly column of distressed commercial properties, mortgages and corporate news.
There were 1,300 seasonally adjusted mass layoff events in November of this year affecting 136,924 workers - the largest number of employees laid off in that month in four years. That brings the totals this year to 13,734 layoffs, affecting 1,408,852 employees, up just slightly from this time last year.
The following future closings and permanent mass layoffs were reported in Alabama.
· Cavalier Homes Inc. will idle its home manufacturing facility at 255 Bexar Ave. E. in Winfield. Production at Winfield is expected to stop in this month with shipments of completed units from finished goods inventory is expected to continue through February or March 2008.
· Dixie-Pacific Manufacturing Co. is closing down at 1700 W. Grand Ave. in Gadsden laying off 172 employees by Feb. 8.
· Springs Global is closing down at 100 Springs Drive in Piedmont laying off 325 employees on April 30.
· WestPoint Home is closing its Fairfax Fabrication Plant at 1050 Fairview Ave. in Valley laying off about 900 employees by Feb. 7.
Zoots Corp. is closing a dry cleaning production facility in Wallingford, CT, by Feb. 13, affecting 80 employees.
The following future closings and permanent mass layoffs were reported in Florida.
· Atlas Pen & Pencil is laying off 191 employees at 3040 N. 29th Ave. in Hollywood on March 1.
· COMP USA is closing three stores: 11350 Pines Blvd. in Pembroke Pines; 1835 West Hillsboro Blvd. in Deerfield Beach; and 7440 North Kendall Drive in Miami by Feb. 22, laying off 50 employees at each store.
The following future closings and permanent mass layoffs were reported in Georgia; no specific layoff dates were identified.
· MI Windows & Doors Inc. is laying off 200 employees at 336 Magnolia Ave. in Millen.
· S. Lichtenberg & Co. is laying off 58 employees at 231 E. 13th St. in Waynesboro.
· Simonton Windows is laying off 182 employees at 129 N. Commerce Dr. in Lyons.
· Unarco is laying off 136 in Acworth.
· Weyerhaeuser Co. is laying off 82 employees at 1412 Eatonton Road, # 700, in Colbert.
Value City is closing its store at the Iverson Mall at 3737 Branch Ave. in Hillcrest Heights, MD, on Feb. 15, laying off 126 employees.
The following future closings and permanent mass layoffs were reported in New Jersey.
· Affinity Direct is laying off 23 employees at 910 Sylvan Ave., Suite 1, in Englewood on Jan. 4.
· Bayonne Medical Center is laying off 1,020 employees at 29 E. 29th St. in Bayonne on Jan. 3.
· McNeil Consumer is laying off 296 employees at 100 Jefferson Road in Parsippany on Jan. 11.
· Pathmark is laying off 557 employees at 200 Milik St. in Carteret on Jan. 26.
· PLVTZ Inc. (Levitz Furniture) is laying off 224 employees at 24 North Applegate Drive in Robbinsville on Jan. 9.
· Sultan Healthcare is laying off 64 employees at 85 W. Forest Ave. in Englewood on Feb. 1.
· US Pipe & Foundry is laying off 180 employees at 1101 E. Pearl St. in Burlington on Feb. 1.
· Value City is laying off 101 employees at 468 Chancellor Ave. in Irvington on Jan. 7.
Standard Motor Products Inc. plans to shut down its manufacturing operations at its 301,100-square-foot property at 37-18 Northern Blvd. in Long Island City, NY. As part of that plan it has agreed to sell the property to EX II Northern Boulevard Acquisition LLC. The purchase price is to be $40.6 million. The closing should occur in the first half of 2008. Standard Motor Products intends to leaseback the property for an initial term of 10 years. The lease deal contains four 5-year renewal options. During approximately the first year of the lease, the company will make initial annual rent payments of approximately $2.6 million. Thereafter, the company will reduce its leased space and the annual rent payments will decrease to approximately $1.6 million. The company's rent payments will increase 3% per year for the first 20 years of the lease, other than in years 11 and 16 when the increase will be 10% and 5%, respectively. The lease also provides for a build-out allowance of approximately $2.1 million.
FreightCar America Inc. will close its manufacturing facility at 17 Johns St. in Johnstown, PA, which employs approximately 390 employees; no date was announced.
The following future closings and permanent mass layoffs were reported in Texas.
· Cypress Semiconductor Corp. will exit its Fab 2 semiconductor manufacturing facility at 17 Cypress Blvd. in Round Rock by late 2008 and transfer production to its more cost-competitive Minnesota fab and outside foundries. Cypress opened Fab 2 in 1987 with 68 employees and 18,000 square feet of cleanroom space. The plant was expanded to 32,000 square feet in 1999 and currently employs 245 people.
· Riviana Foods Inc. will construct a new 400,000-squarefoot, state-of-the-art rice processing and packaging plant and on-site warehousing/distribution center on a 31-acre site adjacent to its packaging facility in Memphis, TN. Construction will begin in the second quarter of 2008 with final completion anticipated to occur in mid-2010. Over the two-year time period, production and packaging at Riviana's Houston plant will be phased out and transferred to the new Memphis facility. At the end of this transition period, the Houston plant, which includes the Instant and Packaging Plants, Warehouse and Technical Center at 1702 Taylor Street, will then be closed and operations will cease. Currently, approximately 250 employees work at the Houston facility. Riviana's headquarters will remain in Houston at its 2777 Allen Parkway location.
The following future closings and permanent mass layoffs were reported in Virginia.
· Avionics Specialties Inc., a wholly owned subsidiary of Aerosonic Corp., is closing its plant at 3367 Earlysville Road in Earlysville at the end of this month. Avionics conducted initial environmental testing as part of its due diligence process undertaken in preparation of the sale of the Earlysville property and in doing so detected the presence of chlorinated solvents in soil and groundwater on the property. Further testing is being undertaken.
· Remy International Inc. (World Wide Automotive) is laying off 81 employees at 4260 Entre Court in Chantilly on Feb. 16.
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