An unexpected medical company now lays off 190 workers prompting the company to issue $12.2 million in severance costs.
Hologic plans to lay off a total of 190 workers at facilities in Finland and France as part of a decision to discontinue the manufacture and sale of certain products in the Mobidiag business in its diagnostics segment.
The development activities and operations from those locations will move to San Diego, Hologic said in a May 3 filing with the Securities and Exchange Commission.
The company said it finalized negotiations with work councils and communicated the plan to employees in the second quarter.
Hologic estimated total severance charges, including accelerated stock compensation, at $12.2 million.
The action is expected to be completed by the second quarter of fiscal 2025, per MedTech Dive.
Hologic also recorded a lease asset impairment charge of $12.5 million in the first quarter related to the plan.
Hologic, which also makes imaging systems and surgical devices, reported a decrease in total diagnostics revenue of about 20% in the first quarter.
Like other diagnostic test makers, Hologic has seen sales volumes for COVID-19 assays decline significantly as the pandemic has waned.
But a Hologic spokesperson told MedTech Dive that the international site closures and the company’s COVID revenue are unrelated.
“The international activity is not connected to COVID revenue,” spokesperson Bridget Perry said in a Wednesday email.
The actions in the diagnostics division are expected to be completed by the end of calendar year 2024, Hologic said in the filing.
Hologic employed 6,990 full-time staff worldwide at the end of its fiscal year 2023 and 6,944 full-time workers at the end of fiscal 2022, according to the company’s annual reports.
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A massive furniture store is now closing after 100 years in business with no plans to keep operations running, sources confirm.
Union Furniture Company first opened in 1912, four months after the sinking of the Titanic.
Despite shifts in ownership throughout the years, the Becker family was able to keep the store’s doors open in Macon, Georgia, just over 80 miles south of Atlanta, until recently.
Simon Becker, the grandson of the store founder and his namesake, told LOCAL CBS affiliate WMAZ that he has been with the company since 1984.
“I spent 40 years here,” Becker said.
“My father and my uncle before me, my grandfather before that.”
He revealed to the outlet that approximately nine months ago, he decided he would need to close the store.
“But I don’t have anybody following me, so it was going to happen either now or sometime in the relatively near future anyway,” Becker said.
For 112 years, the Union Furniture Company has sold couches, coffee tables, washers, and more.
Becker told the outlet that the store has had repeat customers that go back 20, 30, and even 40 years.
“We’ve had the grandchildren of people we’ve done business with, do business with,” he said.
He called the decision to close “difficult” and “very emotional”, reports The-Sun.
Becker is planning to host a closing sale at the Macon store starting on Wednesday, April 24.
Everything in store is set to be sold with discounts as high as 50% off.
Once everything is gone, Becker said the store will officially close.
He told the outlet that he and his family are grateful to the Macon community that has been their home for decades.
“So thankful to the community for everything that they’ve done for us and we’ve done for them as well,” he said.
“Providing furniture for generations of people in the Macon community.”
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Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing
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