1992 union gets grant to study buying Ashland Shirt

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1992 union gets grant to study buying Ashland Shirt - Union gets grant to study buying Ashland Shirt...
Union gets grant to study buying Ashland Shirt The union that represents 325 workers at the Ashland Shirt Co., Schuylkill County, has been awarded a $75,000 state grant they will use to determine whether employees should assume ownership of the company. The money, approved yesterday by the state Department of Commerce, comes through the state's Employee Ownership Assistance Program. The program awards funds to examine possible employee purchases of new, expanding or troubled businesses interested in ownership sharing. It will enable the Amalgamated Clothing Textile Workers Union to study the feasibility of maintaining the plant at full operational level via employee ownership. Gitman Brothers Holding Co., the parent company of Ashland Shirt, filed for bankruptcy in May. Since that time, the company has changed management and returned to its core business of producing men's cotton shirts. Commerce Secretary Andrew T. Greenberg said that "recent actions taken by new management at Gitman Brothers are supported by the company's creditors, and the the company believes these changes will produce a profitable business." Greenberg said union officials believe there is no guarantee that an outside buyer would continue to operate the company at full capacity. Greenberg said the union plans to use the $75,000 grant to evaluate: Short- and long-term market potential for the company's products. Current and future impact of competition on the company. Future availability of supplies required for efficient operations. Current facilities and equipment. Financing structure and possible financing nnrrpi

Clipped from
  1. The Morning Call,
  2. 30 Sep 1992, Wed,
  3. Main Edition,
  4. Page 28

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  • 1992 union gets grant to study buying Ashland Shirt

    annie85 – 12 Oct 2017

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