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From the Reporters
December 8, 2008

Laid Off, But Sticking Around

 

Some of the 250 employees of Republic Windows and Doors in Chicago have been staging a sit-in since the factory was closed down on Friday. The employees say they are owed vacation pay, and they weren't given the 60-day notice required by the federal WARN Act.

Like many companies that service the housing market, Republic has been struggling lately. But some at the company blame its shut down on Bank of America, which allegedly cut the company's operating credit and then rejected a plan that would have given employees their vacation pay. Company leaders released this statement today detailing their version of events with the bank.

Also today, Bank of America released its own statement, saying that Republic Windows and Doors closed because it can't operate profitably, and that the bank does not dictate which financial obligations Republic should pay.

What do you think? Did Bank of America do anything wrong?