Career tips : Company going out of business

I have a question. I went to work for a company back in April. Two weeks after going to work there the company filed chapter 11 bankrupcty. The following week they anounced they would shut down if they do not sell by June 22. The problem is the controller my boss never disclosed the fact the company was going to file bankruptcy or shut down. Is there anything I can do? I am extremely conserned that I will not have a job in june 22nd and really upset that none of these things were disclosed prior to taking this job?

Any ideas??

Did you not investigate the company before employment? By that I do not mean a full-blown Hoovers, just ask your contacts what they know.

I went to work of a subsidiary of a huge national firm years ago, all the while suspecting that the day might come when a 're-alignment' might happen. Sure enough, one day without any notice the ceo and the coo both quit. I knew the 're-alignment' had begun. Within 3 years the company had been absorbed, the headquarters closed and 90% of the staff were gone. I was prepared and I tried to talk to my co-workers, most of whom dismissed the impending doom. When I talked to contacts outside of the company they all said that they were surprised it took 3 years to end it all for the subsidiary. I currently work for a hugely successful financial firm, and I am always on the lookout for the signs that may indicate a buyout. Just because you get hired you don't but your brain in neutral.

Start looking. It is unfortunate that they didn't disclose but they are under no obligation to do so. You have no legal remedy if that is what you are looking for.

I did do some research but all the horible things did not come out until after I started working there. A week after I started there the former owner was brought up on SEC charges. I know even if the co is bought out does not mean they have to keep the company open.

This has taught me to be very cauious before I accept a job. I am currently pulling out all of the stops looking for another job. I hope to line something else up by the time June ends.

I really working hard to find something else as soon as possible. I wish there was a remedy but I work in a right to work state. It is wrong for my boss to do what she did but I know there is nothing I can do.

Even in the two "right to work" states there would be no remedy. They could always claim that they were not planning to file at the time they hired you. Further, what did they really do to you? They hired you. I assume they are paying you. So you are in fact gainfully employed at this time. I know that this is not a great answer, but it is likely the way a court would look at it as well.

Nope, there's nothing you can do except dust off your resume and start looking. I personally wouldn't wait until the 22nd to look.

Tess

Lot of companies have been filing bankruptcy this month. The only thing you could do is buy the company. Of course, you probaly couldn't afford it, so the best thing is to start looking for a better job right now! Do it now! ASAP! Get your job search plan in place, get your resumes updated, send the out to places you find on monster, and just write off that loser company you started working for. Write them off! NOW! Just do it! What on earth are you waiting for? ? ?

Techinically there is nothing you can do. So just find a new job.

Loser company is so right.

Thank you for the advice. I have already sent out probably over hundred resumes with more going out every day. I hope to land something well before the 22nd.

I just wanted to let everyone know that I found a job with a good company this time. they are even matching the money i was making at the other company. this time i did my research and it is a great stable company.

Career Tips

Company going out of business