Music center layoffs start Friday in Indy
Music specialist Handleman Co. will begin terminating the first of 250 employees at its Indianapolis distribution center starting Friday.
The Troy, Mich., company earlier this week announced this morning it would exit the music business in North America, resulting in the loss of several hundred jobs in Troy and its distribution facility at 5445 Guion Road on the Northwestside.
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The first 170 layoffs to hourly workers and 8 supervisors start Friday, with the remainder of employees exiting by Aug. 29, the company told the Indiana Department of Workforce Development in a letter released by the state agency today.The music distributor’s business model was becoming increasingly outdated as more people download their music instead of buying CDs.
Handleman was delisted from the New York Stock Exchange in March, when it posted third-quarter revenues of $346.9 million. Revenues for the same quarter last year were $485 million, Crain's Detroit Business reported.
Handleman is selling its inventory to Texas-based Anderson Merchandising for a price not to exceed $21 million, according to SEC filings. Anderson plans to identify up to 200 full-time Handleman employees and 40 part-timers in Indy for possible employment.A message was left today with CEO and President Albert Koch.
The Troy, Mich., company earlier this week announced this morning it would exit the music business in North America, resulting in the loss of several hundred jobs in Troy and its distribution facility at 5445 Guion Road on the Northwestside.
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The first 170 layoffs to hourly workers and 8 supervisors start Friday, with the remainder of employees exiting by Aug. 29, the company told the Indiana Department of Workforce Development in a letter released by the state agency today.The music distributor’s business model was becoming increasingly outdated as more people download their music instead of buying CDs.
Handleman was delisted from the New York Stock Exchange in March, when it posted third-quarter revenues of $346.9 million. Revenues for the same quarter last year were $485 million, Crain's Detroit Business reported.
Handleman is selling its inventory to Texas-based Anderson Merchandising for a price not to exceed $21 million, according to SEC filings. Anderson plans to identify up to 200 full-time Handleman employees and 40 part-timers in Indy for possible employment.A message was left today with CEO and President Albert Koch.
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