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TORONTO — “In court this afternoon in Toronto, about half an hour ago, the company was placed into receivership, which is a form of insolvency,” an executive with Erwin Hymer Group North America told employees today, a video made by an impacted employee revealed.
“The effect of that is a court order essentially terminates everyone’s employment effective today,” the executive explained, as reported by CTV News.
In the video seen by CTV News, the man says that wages would be paid through Friday and that they hoped that vacation pay would be paid out within two weeks. He said that the company would idle for six weeks while it tried to find a buyer.
The full story is available at CTV News.