Hundreds of people will potentially be affected after the recent decision by Westinghouse Electric Co. to file for bankruptcy.
According to an article by Cranberry Patch, Westinghouse is Cranberry’s largest employer and the greatest impact could be felt in the township where the company is headquartered.
Read more: Bankruptcy Attorneys, Pennsylvania
About 2,200 of the company’s 4,500 western Pennsylvania workers are stationed at its Cranberry Woods complex, according to Patch.
“According to township statistics, more than 300 Westinghouse workers live in Cranberry, while about another 300 live in other Butler County municipalities,” the article reads. “Westinghouse’s parent company, the Japan-based Toshiba, announced on Wednesday that the major player in global nuclear projects filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in New York.”
Toshiba told the media last week the company had suffered nearly $10 billion in losses. The losses are related to nuclear reactor construction initiatives.
Township manager Jerry Andree told the media that the decision by Westinghouse Electric Company to file for bankruptcy is not unexpected and that the company has a long-standing history to managing challenges within its industry.
Patch said Andree is downplaying the announcement with his statement. Andree also said the company is resilient and has many talented employees who serve a global demand.
“There is every reason to believe they will overcome this current challenge and continue to be a leader in their field,” Andree is quoted as saying in the article. “Ironically, when Westinghouse announced it was moving its headquarters from Monroeville to Cranberry in 2007, the company cited the rapid expansion of the global nuclear industry as the primary reason. The Cranberry Woods campus was formally dedicated in 2011.”
Westinghouse is just one of many companies in the U.S. and Pennsylvania that have recently filed for bankruptcy to try and salvage financial issues within the last few years.
Unilif Corp., a Pennsylvania-based medical device company recently announced it filed for bankruptcy, listing company assets of about $83 million and debts totaling $201 million.
Payless ShoeSource is filing for Chapter 11 bankruptcy protection and closing nearly 400 stores. WetSeal,Aeropostale, Pacific Sun, and Quicksilver have all recently filed for bankruptcy, and a new report says Rue21 may be the next to fall.
The post Cranberry’s Westinghouse Electric Co. files bankruptcy, hundreds could be affected appeared first on Young, Marr & Associates.
from Young, Marr & Associates http://ift.tt/2qM4tIA
via IFTTT
No comments:
Post a Comment