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Article: Genesee Corporation Announces Employment Cuts at Genesee Brewing Company.
- Article from:
- PR Newswire
- Article date:
- August 31, 1999
CopyrightCOPYRIGHT 1999 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ROCHESTER, N.Y., Aug. 31 /PRNewswire/ -- Genesee Corporation (Nasdaq: GENBB) today announced employment reductions at its Genesee Brewing Company subsidiary designed to help return the Corporation's brewing business to profitability. The Corporation expects to record a restructuring charge of approximately $1.7 million in its second fiscal quarter ending October 30, 1999 to cover estimated expenses associated with the workforce reduction.
Genesee Brewing Company will eliminate approximately fifty positions over the next ninety days from its total workforce of 550 employees. The layoffs will include both hourly production workers and salaried managerial, ...