But the company continues to lose money, and a court filing last week indicated that it lost another $90 million in May alone. The bulk of that loss, however, comes either from interest expenses or reorganization costs.
The company on June 29 issued 60-day Worker Adjustment and Retraining Notification (WARN) letters to about 125 employees in several areas of the company. “This is an ongoing evaluation and will initiate reductions in force and implement furloughs as we see appropriate,” Miller and Boisture told employees.
Acknowledging the distraction and interruption of the WARN announcements, executives note that they were continuing to “focus on operating the business in the normal course and being good stewards of our cash by balancing our production rate with the challenging and rapidly changing environment we continue to face.”