Al’s Tire Company
1 Old Ferry Road
Bristol, RI, 02809
FOR IMMEDIATE RELEASE
Al’s Tire Company forced to lay off employees
Cites Economic Problems
(Sept 12, 2013, Providence, RI) – Al’s Tire Company CEO, Alyssa Brangi, announced the layoff of 500 employees today at a press conference. The layoff will be effective on Thursday the 24th. The workers were notified in a meeting three weeks prior to the date of the lay off.
The CEO, Alyssa Brangi, gave reasons for the lay off which includes profit loss, competitive prices, and customer loss.
“Due to competition with major national corporations, the company has suffered massive profit losses of $2 million last year and a loss of $1 million the year before,” said Alyssa Brangi, CEO of Al’s Tire Company.
Brangi indicated that the company was not able to drop prices as low as larger franchise companies did. “Due to our inability to compete in prices we have also lost 20% of our customers,” said Brangi.
In addition, according to the company’s chief financial officer, Meghan Petrel, as a result of the profit losses the company was not able to ‘keep up with necessary updates’ for machinery and there is not enough money to purchase more after profit losses in the last two years.
Brangi expresses regret and describes the profit losses as ‘devastating and unavoidable.’
The company is holding three seminars that will be around an hour long to help employees deal with being laid-off and take steps toward future employment.
The first seminar will offer information on compensation, severance packages, pension and health benefits, the second offers psychological counseling, and the third offers help with filling out paperwork and resume revising.
Al’s Tire Company mass produces tires and sells tires directly to customers and businesses in the Providence area. The company was founded in by Al Brangi in 1983 and has always been a family-run business. Alyssa Brangi, CEO, took over her father’s company in 2000 and now runs the company, which employs around 1,500 people. Al’s Tire Company has been active in the Providence community and has served the residents of Providence and the surrounding communities for the past 30 years.
For more information please contact, please contact Emily Billot at 860-304-4567.