Crocus Investment Fund says that non-essential staff have been laid off from the fund effective immediately. The layoffs affect approximately a dozen employees in various departments, including management personnel and members of Local 76-07 of the Manitoba Government and General Employees\u2019 Union.
\u201cPeople are the key to our business and we are saddened to have to take this step today,\u201d said Alfred Black, CEO at Crocus, said in a release issued Friday. \u201cThe people impacted by this layoff have done a great job for shareholders and it is unfortunate that circumstances outside their control have resulted in the loss of jobs. We will do everything possible to help these people through this difficult transition.\u201d
The layoff announcement continues a series of money-saving initiatives undertaken by Crocus to reduce operating expenses since the board of directors voluntarily halted trading on Dec. 10, 2004. Fund shares cannot be sold or redeemed at this time.
\u201cThe fund has already cancelled all non-essential purchasing and made arrangements to sub-lease vacated office space,\u201d added Black. \u201cThe fund is also winding up the financial support for the Manitoba Centre for Labour Capital, Centre for Employee Ownership, and Community Ownership Solutions. While these organizations do important work in the community, ongoing financial support simply cannot be justified at this time.\u201d
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