Do public owned companies have to disclose when they shut down

[Lost4words]

100 out of 300 offices or branches. Dont they have to announce a RIF reduction in force?

Something is going on at Portamedic, a subsidiary of Hooper Holmes "HH"
they are closing at least two centers but there is no mention of the closings either on their web site or the financial trade news.

A previous HH news release stated that HH 3rd qtr revenues were way off but cost saving measures were in place.

Can a corporation just close offices with no notice to the share holders or the general public until the day of the event?

And if so shouldnt there be news release on the closing event?

Any info would be greatly appreciated.

Thanks

8643

[soothsayer]

1. Well, it would possibly trigger the WARN Act, but that governs

how you have to treat employees (and helps state agencies prepare for a whole bunch of unemployment claims) -- but they don't have to tell the public

[Lost4words]

3. Thanks, I'll research the WARN Act.

[NewJeffCT]

2. If they are a public company

They maybe had to make some sort of filings with various state & federal regulatory agencies. It would definitely be in quarterly financial reports (look up the company's latest 10-Q or 10-K filings on the SEC website.

If it has a big effect on the local economy, town or city officials probably had some sort of clue as well - the company may have approached them by saying, "unless we get a tax break of $xxx, then we'll be closing 2 of our plants."

[Lost4words]

6. Thanks, after reading the WARN Act, these people have no shot.

As all the branches are typically 12 or less employees.

I'll check out the the SEC web site thanks for the info.

8643

[Marrah_G]

4. You are talking about a couple small offices right?

Porta-medic sends nurses out to clients homes to do medical questionaires, blood and urine testing for insurance companies. We have a few small local offices near-by. I do not think that they would need a news release for shutting one down. Maybe if they shut down an entire region or division.

Just my 2 cents.

[Lost4words]

7. The rumor is 100 out of 300 small branches.

I believe they intend to retain the contractor examiners but reduce the number of offices supporting them. So more examiners reporting into fewer offices farther away.

I suspect that this will be an opportunity for their competition. Oh well the Insurance mafia might get a little less service

[lectrobyte]

5. In NC at least, companies laying off above a certain number of

people in a given month must notify the state government. Hence the "stealth layoff" practice of laying off 49 people when the limit is 50 for a notification (not sure of the exact numbers, but you get the idea).

[Lost4words]

8. It would surprise me not. I called the parent company, they offered no info.

Good news for the shareholders of the parent company Hooper Holmes their stock is up 0.97% from 3 bucks to around 3.13.