Jewelry manufacturer Colibri Group sh...

Jewelry manufacturer Colibri Group shuts its doors, laying off 280

There are 2 comments on the Providence Journal story from Jan 17, 2009, titled Jewelry manufacturer Colibri Group shuts its doors, laying off 280. In it, Providence Journal reports that:

The Colibri Group, one of the region's best-known jewelry makers, unexpectedly shut down yesterday, laying off its 280 employees and preparing to sell all remaining jewelry, gold and silver to pay creditors.

Join the discussion below, or Read more at Providence Journal.

shisam

Narragansett, RI

#1 Mar 5, 2009
All of the 280 workers at Colibri are in shock at the way Founders Equity and Jim Fleet abruptly closed the Colibri factory in East Providence on 1/14/09.
There was no notice that this was going to happen in this manner. All of the employees were left with money and no health insurance for themself and their families. Many of the workers that were still working there have been working for Colibri for more than 15 to 35 years. It was a profitable and well run business when it was owned by Fred Levinger. Since the purchase by Founders Equity, the business went steadily downhill because of poor management decisions and the more recent economic downturn.
There hadn't been a raise for any of the workers since Founders acquisition of the company. The Ceos of Founders are doing wery well though with their new cars and very healty benefit compensation packages. Too bad that they didn't treat their workers fairly.
The history of the Founders Equity Investment Company shows that this most recent factory closure is nothing new for them. This is merely a repetition of past practices. The investors in theis company should become more aware of what their investment money is doing--- not just for them personally but also for the people that are affected by this management team. You are contributing to hardship for many, many people across the US.
shisam

Narragansett, RI

#2 Mar 5, 2009
All of the 280 workers at Colibri are in shock at the way Founders Equity and Jim Fleet abruptly closed the Colibri factory in East Providence on 1/14/09.
There was no notice that this was going to happen in this manner. All of the employees were left without money and no health insurance for themself and their families. Many of the workers that were still working there have been working for Colibri for more than 15 to 35 years. It was a profitable and well run business when it was owned by Fred Levinger. Since the purchase by Founders Equity, the business went steadily downhill because of poor management decisions and the more recent economic downturn.
There hadn't been a raise for any of the workers since Founders acquisition of the company. The Ceos of Founders are doing wery well though with their new cars and very healty benefit compensation packages. Too bad that they didn't treat their workers fairly.
The history of the Founders Equity Investment Company shows that this most recent factory closure is nothing new for them. This is merely a repetition of past practices. The investors in theis company should become more aware of what their investment money is doing--- not just for them personally but also for the people that are affected by this management team. You are contributing to hardship for many, many people across the US.

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