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LAYOFFS AND MERGERS AND CONSOLIDATIONS AND ACQUISITIONS …OH MY!

Check out Faye Cohen’s post to her blog Toughlawyerlady!

ToughLawyerLady

In recent months, businesses and institutions in the Philadelphia area have experienced a number of closures, mergers, consolidations and acquisitions which will be devastating to the greater geographic area, and have or will result in major layoffs of skilled employees and elimination of future jobs.

Here are just a few examples:

  • The owner of Hahnemann University Hospital, in existence for 171 years, announced that it would be declaring bankruptcy and closing;
  • Drexel University, announced that about 40 percent of its physicians and clinical staff of its medical college will lose their jobs in the wake of the closure of Hahnemann University Hospital;
  • Philadelphia Energy Solutions announced that it was closing its South Philadelphia oil refinery due to a series of explosions and a catastrophic fire, and laying off more than 1,000 employees;
  • WSFS Financial Corporation acquired Beneficial Bank, founded in 1853, with 58 locations in Pennsylvania and New Jersey, and…

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