Employees Fight to Save Hoover
With the fear of loosing their jobs, employees of 100-year-old Hoover are looking at alternative options to keep the company up and running. According to an Associated Press article, there has been a lot of talk about what employees can do to keep their jobs and help the century-old company grow.
Some workers argue that the best way to stop a job drain would be to join forces and take over the company themselves. Others hope to form an employee stock ownership plan, or ESOP, now that new owner Whirlpool Corp. is selling the company.
According to the article, though, "buying a company to save jobs is especially challenging, ESOP experts say. There might not be sufficient profit to help improve a business that may need some capital investment. Most successful ESOPs bought businesses that already were profitable and originate with the company’s owners to serve some strategic objective, such as a capital gains tax advantage as part of a succession plan."
To read more about the history of Hoover, as well as where employees see the company going, click here.
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