Trump Entertainment Retrenches 250 Employees
It looks like 250 staff members won’t be having a White Christmas and New Year celebrations since they’ve been retrenched by Trump Entertainment Resorts Inc. The reason for this is the company is busy restructuring and it hopes to increase its profit margins within the New Year again, said Bob Griffin new CEO of Trump Entertainment.
Griffin emphasised that it was a “necessary evil” to retrench 250 employees of which were executives and hourly staff members. The reason for this could be ascribed to the fact that the company has been hit hard by the current recession that still grips a large portion of the U.S’ economy. Staff members were retrenched at the following land-based casinos: Taj Mahal Casino Resort, Trump Plaza Hotel and Casino and Trump Marina Hotel Casino.
Griffin notified the local media that he sincerely hopes severe job cuts in the near future won’t be necessary again and these retrenchments came at the behest of the company’s new restructuring policy and it just came out a Chapter 11 liquidation defence guided by New York tycoon Marc Lasry.
“We now realise we did what was necessary in order not only to go forward as a company but to survive in the “murky waters” called economic recession,” Griffin said. “It sad and we do realise the ramifications these layoffs have on ex employees and family members alike. Believe me when I say this but it was one of the toughest decisions I ever had to make; since these layoffs occurred at a very difficult time of the year.”
Griffin said, “Trump Entertainment is now prepared to face the future and with its new “lean and mean policy” it’s now more than capable to compete within Atlantic City’s very competitive casino environment. We’ve toned down considerably on our operating expenses and we believe from here on forward we’ll make a handsome profit not only for Mr. Trump but for me as well. After all why do business if you can’t make yourself and others rich, I’m living the American dream.”
The month of November has seen Trump Entertainment retrench 50 managers. Preceding this, former senior executives who have not been laid off by Trump Entertainment’s were given a “Golden handshake”. The company’s previous CEO, Mark Juliano headed that group.
It was an undisputed decision by the major bondholders to appoint Griffin, the latter replaced Juliano. Griffin is brimming with confidence and vowed to employees that his new restructuring process will be “fast and smooth”. Irrespective of notifying employees that no job cuts are on the cards for now, employees must realise that as long as the recession lasts in the U.S nothing is guaranteed.