Largo, Florida-based Corvest SPV, which manufactures promotional products, has notified the state that it intends to lay off up to 201 employees in April. The company said it is going through an ownership change.
Companies are required by law to notify the state when it expects a mass layoff. That can include situations in which a company shuts down a plant, lays off a sizable number of its employees or is being sold. The notification, called the Worker Adjustment and Retraining Notification Act, gives employers the right to lay off employees if it chooses.
“We have entered into a signed letter of intent to sell the business; however, all details are confidential at this time,” said Catherine Pilgrim, senior vice president of sales.
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