Today marks a sad day for snack food
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Join Date: Jun 2012
11-16-2012, 07:41 AM
Before you blame the unions, I suggest you look up the company's court mess from earlier this year. They claim they're going bankrupt due to pensions and medical benefits, but months ago a judge found all of that to be patently false. They cut off most of their pensioners years ago, and the rest last year, and weren't providing their medical obligations since their last bankruptcy. The current strike is because employees haven't been paid in three pay periods.
The already pay some of the lowest wages of comparable businesses, they've been denying benefits for years, they don't honor their pensions, and then they stopped paying employees and tried to force them to keep working. The things they blame for the company going under they've been excused from paying by bankruptcy settlements since 2004 or they simply stopped doing of their own accord.
However, the company has been making good on a ridiculous compensation plan for executives that included two 80% annual raises and profit sharing that exceeds 100% of profits, which accounts for nearly all of their current debt. Or was, they did cut off executive salaries earlier this month, to be reinstated in January when assets are being sold off, to make sure they get their fair 118% of what's left.
Last edited by hevach; 11-16-2012 at