Plant Cuts Employee Pay

9 years 10 months 4 days ago February 03, 2007 Feb 3, 2007 Saturday, February 03 2007 Saturday, February 03, 2007 3:01:39 PM CST in News
Source: (Copyright 2007 The Associated Press All Rights Reserved.)
LAMAR (AP) - One of southwest Missouri's largest employers will reduce the pay of all employees by six-point-six percent in March for an indefinite period. O'Sullivan Industries makes ready-to-assemble furniture sold by large retail chains nationwide. Yesterday, it announced the decision to its 800 employees, saying it needs to improve cash flow. The company says production workers and management will be affected. Company contributions to employee savings and profit-sharing plans will also be suspended effective March fifth. The news comes less than a week after the company faced a deadline from the city of Lamar to either pay its electric bill or lose power to the plant. The $219,000 bill was paid on January 26th with two hours to spare.

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