APPLETON – There may be a new buyer in the works for Waupaca Elevator Company, but that doesn’t guarantee workers will keep their jobs.
A Worker Adjustment and Retraining Notification, known as a "WARN notice," was issued to the Department of Workforce Development on Dec 30, 2021 to employees stating that the company intended to be sold as an operating entity — however, if a buyer was not found, there was a possibility of mass layoffs and closure of the site.
In January, it was announced that Waupaca Elevator Co. was listed for sale.
On March 2, a second amended WARN notice was issued to employees of the company by the company's court-appointed receiver, Rebecca DeMarb.
Due to federal and state law, the notice must inform all employees that the company will be closing or facing a mass layoff on or before 60 days from the date of the notice, on May 2.
DeMarb wrote, in the notice, that she has executed an asset purchase agreement that states that the sale of the company includes the company's assets — an attempt to preserve as many jobs as possible.
The purchaser will also intend to continue to operate the company and re-hire as many, if not all, of the company's employees.
"That said, there is no guarantee the court will approve the agreement, that the buyer will close, or that another buyer may not be the ultimate purchaser of the company’s assets," the notice stated.
Closing on the sale to the buyer is expected to happen on March 19, if the court approves the agreement.
The notice states the the company is not expected to close — and that the sale will be completed on by the end of the month, if not on March 19 — however this is not guaranteed.
"We do know that once such layoffs occur or the company ceases operating, such layoffs or business closure is very likely to be permanent with the employment site closing," the notice stated.
If the company ceases operations or mass layoffs occur, all health insurance and benefits offered to employees will also cease at the time of the layoff.
Should these layoffs occur, former employees can find assistance through the Wisconsin Department of Workforce Development and Workforce Development Boards, free of charge.
Waupaca Elevator Co. was founded in 1957 in Waupaca. Since then, the company relocated to Appleton, 1726 N. Ballard Road, where its main office and manufacturing facilities now reside.
The company specializes in in-home elevators and dumbwaiters. They have dealers all across the U.S.
Reach Jelissa Burns at 920-226-4241 or firstname.lastname@example.org. Follow her on Twitter at @burns_jelissa or on Instagram at burns_jelissa.
This article originally appeared on Appleton Post-Crescent: Waupaca Elevator employees still facing mass layoffs after second WARN