Libbey to reduce U.S. salaried workforce by more than 15 percent – By Jon Chavez (Toledo Blade) / July 27 2020
Libbey Inc., the Toledo-based table glassware manufacturer that filed for Chapter 11 bankruptcy protection on June 1, said it will reduce the size of its U.S. salaried work force by more than 15 percent, effective this Saturday.
The reductions primarily will affect its U.S. headquarters and commercial organization.
In its announcement late Friday, the company said it does not expect to incur any material charges to its earnings in connection with the reduction in force.
In April, Libbey said U.S. and Canada salaried associates would have base salaries cut through Sept. 30. However, the glassware maker said Friday those cuts are now extended through Dec. 31. Also, the temporary suspension of the company’s 401(k) match is now extended through Dec. 31 and furloughs of certain U.S. salaried associates will continue through September.
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