The popular second hand store chain, Goodwill Industries, located throughout Canada (most prominently based in Toronto, and Eastern/Northern Ontario) has declared that it will be filing for bankruptcy after numerous business mishaps. The statement has come from the CEO, who also announced their resignation as a result.
After attempts to sort out the business side of things, the former CEO has decided that there are no other options other than to file for bankruptcy. As recently as last month the second hand store has closed down different store locations. Included have been the closure of 10 donation centers as as well as 2 offices. As a result over 400 employees will receive a nice settlement and it is reported that those affected will receive over 6million in vacation, entitlement and severance pay.
There have been conversations about trying to save the organisation and rebuild, however it won't be any time soon before the mistakes of this CEO will be balanced. A large amount will have to be up-fronted in order to get things running normal again.
While many employees are not happy with having to looking for new work, many are also seeing the silver lining and enjoying their layoff packages they received.
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