Heard my company is going out of business and start closing stores 1quarter next year?

Question

I kind of seen it comming, i am a store mgr.

I have a very good friend that is at the corporate office that told me that they are going to close stores next year, then been done in a year after that. I have been with the company for 10 years and have lots Vac, sick and personal hours saved up like 6 months worth. Now if they fold am i screwed out of that, if we would quite or get fired they have to pay you for all of that time. Anyone been with a company as they close down? what happened?

Answer 1

You are lucky that you are finding out about it now. Look for another job and cash out your vacation, sick etc days. Unless the company is reorganizing to make another business, everyone eventually loses their job. Some companies will offer you an incentive to stay and help them to the end, it just depends.

Answer 2

That's why it pays to not sandbag your vacation time.
Depending on the co, you may get reimbursed or you may get screwed.
As soon as this becomes ""public"" I'd ask!

I've been in this position. Once, I lost a weeks vacation. At another place, all I had coming was 4 sick days. i got paid for that--- three years later.
Good luck, and in your next job, use the vac days as you earn them.

Answer 3

Quite often they will offer a severance package that normally will be based on years of services. In my case we were paid for all vacation time along with one week for every year worked. It would also depend on whether they are just closing or if they intend to file for bankruptcy.

Answer 4

I appreciate the fact that your thinking responsible, but since you just received you new job and still will need to service the boss on occasions, it would benefit you to purchase a lunch container in which you can keep your daily requirement of liquor. That way you will be happy along with your boss, especially after your lunch break and you have your diet coke and rum buzz going. So have fun, and cheers.