Cuts at three casinos are part of the company’s post-Chapter 11 restructuring
It won’t be a happy holiday season for 250 employees laid off last week by Atlantic City’s Trump Entertainment Resorts.
A report by The Press of Atlantic City said the cuts were announced by new Chief Executive Bob Griffin as part of the company’s post-Chapter 11 restructuring under the consortium of corporate bondholders that constitute its new ownership.
The layoffs included executive staff and hourly employees at Trump Taj Mahal Casino Resort, Trump Plaza Hotel and Casino and Trump Marina Hotel Casino.
“Our reduction in force is complete,” Griffin said. “We recognize the effects it has on the employees and the families who lost positions. It is a tough thing to do at a tough time of the year, but it was absolutely necessary.”
Last month, the casinos laid off 50 managers. Prior to that, senior executives left over from the old regime were bought out from their employment contracts, among them former CEO Mark Juliano, whom the bondholders replaced with Griffin.
Griffin promised “swift and decisive action” to complete the restructuring, according to The Press report, but left the door open for more layoffs if the company believes they are needed.
“I would never say never,” he said.
Trump lays off 250 in A.C.
December 8, 2010