Great Lakes Garments is currently experiencing a cash flow issue with near-term payments being due. The primary payments due include interest, pension, and taxes payments. The Board of Directors, has come up with a plan to gain the necessary funds for these payments.
This plan includes numerous changes to the budget to acquire the necessary funds for these near-term payments. Our plan is to cut payroll costs and sell the inventory on hand, to raise these funds. Senior management is taking a ten percent pay cut and management will be taking a pay freeze.
Unfortunately, additional payroll cuts will be needed and the Board of Directors has decided layoffs are needed. We are hoping by using this plan the layoffs will be an estimated time of
This plan includes numerous changes to the budget to acquire the necessary funds for these near-term payments. Our plan is to cut payroll costs and sell the inventory on hand, to raise these funds. Senior management is taking a ten percent pay cut and management will be taking a pay freeze.
Unfortunately, additional payroll cuts will be needed and the Board of Directors has decided layoffs are needed. We are hoping by using this plan the layoffs will be an estimated time of