Anyone been through company closing?

16 Comments

1. AnonymousOctober 4,2023 at 7:43PM UTC

   I'm sorry you're going through this. Just tell them that the company closed end of story. They don't need any extra information than that. I worked for a company that closed the branch I had worked at and that was what I put on my applications. If asked in an interview then you could go into details.

2. AnonymousOctober 4,2023 at 8:35PM UTC

   I've not been through a company closing; but I kinda feel like we may be on the verge of that right now. That said, I'm sorry that you are going through this. So many people on the market and unemployed right now it's scary! One thing I do want to reassure you of: do not stress on dealing with the why question. You have a pretty clear and understandable reason why. Are you able to apply for unemployment to least have some income while you look? Are the owners providing any sort of package for their displaced employees?

3. AnonymousOctober 4,2023 at 8:44PM UTC

   I'm not sure if there will be a package. And I'm not sure about the unemployment question either. If it's considered a layoff then I think I could.

4. AnonymousOctober 4,2023 at 9:14PM UTC

   I would address these questions with the owners immediately. I mean, surely they would be doing what is necessary to take care of the people working for them? Or they are just crappy people.

5. AnonymousOctober 6,2023 at 2:56PM UTC

   They have been doing a lot to sell equipment and they have always been very good about taking care of employees, so I'm hoping they will. I will email the HR rep to see about UI benefits.

6. AnonymousOctober 4,2023 at 9:49PM UTC

   I agree to ask if the owners had paid into unemployment insurance (some states exempt small companies under a certain number of employees from having an unemployment benefit). If they do, contact your state's Department of Labor to see if company closure is a qualifying condition.

7. Joan Williams, Senior Talent Acquisition SpecialistOctober 5,2023 at 12:36AM UTC

   Sorry to hear your company is closing. It's a tough job market - especially in the tech space.

   No need to stress about the question of why you're leaving your current position - you're not actually leaving, the company is closing down. Just say that if asked.

8. AnonymousOctober 5,2023 at 5:38PM UTC

   I've only ever been through a merger, though I feel like it's similar? As soon as I heard what was happening, I brushed up the resume and started applying. When I was asked why I wanted to leave, I would say that "X company has been purchased by Y company, and I'm unsure about whether my position will be eliminated."

   You could say something similar: "The owners are closing down their business for retirement, rather than selling. Unfortunately, that means all positions are being eliminated."

9. Sarah ROctober 6,2023 at 4:00AM UTC

   This is the best possible reason to be out of a job--a company closing cannot in any way at all be on you. It's information I volunteered in interviews and even mentioned in cover letters when this happened to me, and people were understanding. I've since seen others in tech go through this and it sucks but is part of business.

   My company was laid off "as of today" several years ago with no severance at all due to the financial situation. I'm looking too in this bad economy (for other cuases) but definitely keep networking and searching now.

10. AnonymousOctober 6,2023 at 12:37PM UTC

    Just be honest - that you were working for a small startup and the owners decided to shut it down. That's not your fault. Good luck and I hope you are able to get some interviews soon.

11. AnonymousOctober 6,2023 at 1:26PM UTC

    Just went through 2 closures in the past 2 years. Not fun at all. First one I had been at 30 years and they just ran the company into the ground. Next one was a startup and the owners decided it wasn’t worth it so shut it down. I’ve just been honest about what happened because neither were my fault just like yours wasn’t. Had several bites and have a huge interview Monday. Hang in there it’ll happen

12. Zofia JaneczekOctober 6,2023 at 4:12PM UTC

    Good luck on your interview, I hope you get it!

13. AnonymousOctober 6,2023 at 3:16PM UTC

    Is there a need for the type of work you are doing in your community? Could you become a consultant? Can you ask for a list of clients to see if you could do freelance work for them? There may not have been enough work for the company but there may be enough need to sustain you as an individual consultant.

14. Zofia JaneczekOctober 6,2023 at 4:09PM UTC

    Yes, though my job was not at the professional capacity. I was laid off, along with hundreds of employees nationwide in August. We were given absolutely no warnings, no severance, 0 PTO paid out. It took me almost 2 months to fight for my unemployment. I wrote my state rep., along with the governors office because I couldn't survive without UI kicking in. Thus far, I've been unsuccessful in getting a job. The economy is pretty rough and we're definitely in a recession no matter what state unemployment numbers claim. Those numbers never truly reflect the actual working economy. If you've not applied to UI, I would definitely do so or do so as soon as you get a separation notice from your employer. UI will give you some time to look, redo your resume, and take some time off if you need it. I'd probably try temp agencies for professionals and either go in person or pick up the phone. If I'm unable to pivot in a different direction within a short amount of time, I'll be looking into tempting or possibly doing gig work until I'm able to find something decent. As far as what you tell another company that wants to hire you, simply be honest. When a company closes shop, it's never the employees fault and no business should look on that unfavourably. I wish you success and the best of luck with your future endeavors! Simply don't give up because people are still getting jobs and some are still getting really good jobs, it may just take longer and take more effort.

15. maria roseOctober 6,2023 at 6:40PM UTC

    You also should be checking your unemployment benefits for your local geographic location as a backup plan to tide you over in case you don’t find new employment opportunities. You should not be denied the benefits even if the employer is closing down the business as it will be on them to answer to the labor board. Most companies will have unemployment insurance to cover this expense as part of their operating costs. Even if they are the type who doesn’t have this insurance ( believe me there’s companies who don’t have it) , you are still entitled to unemployment benefits. So don’t panic about not finding a job immediately yet as you still have a month to spare and time to look for work opportunities elsewhere and get unemployment benefits. It takes a few weeks sometimes a month for unemployment benefits to start anyway and if you do find a job, you can stop receiving unemployment benefits by notifying them.

16. AnonymousOctober 6,2023 at 8:25PM UTC

    I have been through this and it was stressful and terrifying, condolences to you. I received unemployment benefits but racked up credit card debt while looking for jobs for 10 months as my benefits only covered 6 months. Looking back at my experience, my advice to you is, while you still have employment, connect with the people around you, as in: 1. Get their reference letter in hand BEFORE things happen (ASAP and you'll have to bug them, probably) 2. Ask where they would go after this if they are under the same impression that they too will be laid off and ask if they would recommend you there (I've found success in this, however, the jobs that were offered were way too far away to drive and had no money to relocate) 3. Possibly invest in a third party (someone you don't know) to look at your resume and make recommendations on tweaks and help you write an outline of a cover letter you can change for each job posting.

    Wishing you the best on your transition! You've got this!