Coralville Company Announces Layoffs
A Coralville manufacturing company, who had previously announced it was filing for bankruptcy, will now by laying off a number of its workers.
In a story picked up by CBS2, Zero Energy Systems CEO Scott Long told the Iowa City Press-Citizen that more than 40 employees will be laid off, leaving a staff of only about a dozen.
These won't be the only layoffs, according to Long, who was quoted in the Press-Citizen as saying,
The timeline of further layoffs is subject to the bank's responses to certain things that we're dealing with and requesting their cooperation in,
The company's creditors at MidWestOne Bank sued Zero Energy Systems in March, alleging a default on $16 million in loans.
Zero Energy Systems in Coralville manufactures insulated concrete wall products.It's never good to see layoffs when businesses and their lenders can't cooperate, and it appears this is case for these hardworking blue-collar employees who are about to be looking for new work.