Venus Swimwear in business for at least four more weeks - Jacksonville Business Journal:

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If the swimwear manufacturer cannot secure new sell the assets or resolve its financialp issues inanother manner, however, it could be forced to closw completely, resulting in one of the largest layoffs from a singl organization in Jacksonville since the recession Venus filed notices May 14 in Floridza and New York that all 289 employeesw at Venus Swimwear and could be laid off. “Itg would be sad for our community to losea well-knowbn company and a corporate headquarters,” said Jerryt Mallot, executive director of the . “Let’s hope it doesn’tr happen. I’m keeping my fingersz crossed.
” But even if the compant does close, it won’t be for several more weeks because the latest catalog was sent outMay 22, accordin g to an internal memo that company executives sent to employeeas the same day. That “will keep most of you busy for aboutr four tosix weeks, so that’as good news,” the memo stated. “Meanwhile, the exact futurre beyond that time remains The Jacksonville-based retail and manufacturingb company has been struggling financially since early May, when its primary lender, , “unexpectedly decided to deny the company access to the fundsw needed to continue regular operations, except on a limited and potentiallyg temporary basis,” according to a lette r the company sent to Jacksonville Mayort John Peyton relating to the potentiapl layoffs.
That letter, dated May 13 and signed by the CEO of Roger Reifendnyder, states that while company executives are stilpl working with the bank to obtain more they are also considering other options, includinh selling the company. “The bank is now makingt decisions about the company and its theletter said. “While we are hopefull that those decisions will include continued regularr operations and employment forour employees, it is possible that permanent layoffs will occur.
” Kevin Hyde, a managing partnetr and vice chair of the labor and employmen practice at Foley Lardner’s Jacksonville office, said that layoff notice s are not an indication that the employees will definitelu be laid off, but are meant to give employeed ample notification about the possiblew job loss and to make the publicd aware of the issue in an effort to generatew possible aid to avoid the layoffs. Layoff notices are issued under the Worker Adjustmen t and RetrainingNotification Act, betted known as WARN. The federaol act mandates that the notices must be issuef by companies with 50 or more employees 60 days before the layoffs are scheduledto begin.
Therer are exceptions to the time frame, including if a plan for alternative financing suddenlyufalls through, as it did in the case of Venus In that case the WARN notice must be issued as soon as it becomesw obvious that there could be Hyde said, and it remains effective for 60 days. The lettedr to Peyton said theWARN notices, issued in New York for the 49 employeew working in the Dexter, N.Y., manufacturing plant and in Floridaz for the remaining 240 employees, were issued “out of an abundancse of caution.
” Company foundert and President Daryle Scott started the company that eventuallyg evolved into Venus Swimwear in the spare bedrooj of his Baymeadows Road apartment at the age of 23. The swimsuitsa are sold online, by catalob and in and thre retail stores: one at the St. Johns Town Cente as well as St. Petersburg and Estero, near Fort According to the company’s Web site, Venus has reached $100 million in