Loading ...Corvest SPV Announces Sale Of Company, Layoffs
Largo, Florida-based multimillion dollar Corvest SPV, parent company of Adva-Lite (UPIC: Advalite), Toppers (UPIC: TOPPERS) and It’s All Greek To Me (UPIC: GREEK), plans to lay off 201 employees by April 17, according to a company notice received by the state on Monday. The supplier, which is privately owned, also announced a tentative sale of the company.
Corvest reported its layoffs on the state’s WARN (Worker Adjustment and Retraining Notification) list of larger-scale job cuts that are required to be disclosed by the state. Companies are required by law to notify the state when it expects a mass layoff.
Catherine Pilgrim, senior vice president of sales, told the Tampa Bay Tribune that the company has entered into a signed letter of intent to sell the business. Details were confidential.
In 2007, the company sought Chapter 11 bankruptcy reorganization and was purchased by Corvest SPV. Last summer, Corvest reported it employed more than 300 in a 300,000-square-foot facility built in 2008.
