Alright, let's get this straight. Another company, JELD-WEN, is slashing jobs – 850 of 'em across North America. Eleven percent of their workforce, just gone. And why? Oh, because they had a minor setback of a $378 million net operating loss in the third quarter. Give me a break.
The Usual Suspects
So, what's the excuse this time? CEO William Christensen is bleating about "persistent market headwinds and price-cost pressures," inflation, blah, blah, tariffs... It's always the same tired song and dance, isn't it?
"Persistent market headwinds." Right. Translation: "We screwed up, but we're gonna blame the economy so you don't look too closely at our terrible management." They expect us to believe this nonsense, and honestly...
And tariffs? Please. They're whining about a $45 million impact from tariffs. Okay, that sucks, but it doesn't explain a $378 million LOSS. That's a failure on a monumental scale.
Here's a thought: maybe, just maybe, instead of relocating their headquarters to Charlotte back in 2012, they should have focused on, I don't know, actually running their business competently? Just a wild idea.
It all feels like a game of corporate musical chairs. They invest $7 million in a Statesville plant in 2021, promising 235 jobs. Then, poof, they’re shuttering factories in Iowa, California, and Wisconsin, axing hundreds more. It's like they're playing SimCity with people's lives.
Broken Promises, Empty Buildings
Let's not forget the Iowa factory they closed earlier this year, after laying off 152 people in November 2024. That's on top of the 450 jobs gone when they closed plants in California and Wisconsin in April 2024. It's a bloodbath.
And where's the outrage? JELD-WEN didn't even bother to respond to Charlotte manufacturer to lay off 850 people companywide amid revenue slump - Charlotte Observer's request for comment. Cowards.
This company, founded in Oregon in 1960, opened its first window plant in Charlotte in '62. Now, they're just another example of a soulless corporation that treats its employees like disposable widgets.
Oh, and the strategic review of their European business? Translation: "We're probably gonna screw them over next."
Honestly, I'm starting to think that "strategic review" is corporate code for "mass layoffs incoming." It's a phrase that should send shivers down the spine of anyone who hears it.
But wait, am I being too harsh? Maybe Christensen really is trying his best. Maybe the market is just impossibly brutal. Then again, their European net revenues increased. So, what gives?
The Numbers Don't Lie (Usually)
The numbers tell a story, and it ain't a pretty one. Net revenues down from $934.7 million last year to $809.5 million this year. A $125.2 million decrease overall.
It's like watching a slow-motion train wreck. You know it's coming, but you're powerless to stop it.
So, What's the Real Story?
It's simple: corporate greed and incompetence. These guys make promises they can't keep, and then they blame everyone but themselves when things go south. They're not building windows, they're building castles in the air, and when those castles collapse, it's the workers who get buried under the rubble. The Amercian dream, right there.
