President John T. Niccollai
AN IMPORTANT MESSAGE FROM PRESIDENT JOHN T. NICCOLLAI - 10-21-2020
WEDNESDAY, OCTOBER 21, 2020
KINGS BANKRUPTCY UPDATE
President Niccollai reported today that the Rumor Mill is running wild again, with stories being issued by uninformed sources that are undermining the workforce and the integrity of the Company. Let’s all take a few minutes, settle down and deal with the facts and not a Rumor Mill that’s always negative and hurtful.
First, ACME is the successful bidder for 27 stores and seeks to enhance the reputation of Kings and grow the business. (That’s very positive.)
Second, ACME petitioned the FTC to keep open all the stores for which they have bid. (That’s also very positive.)
Third, ACME is reviewing the lease expenses for stores upon which they have not bid. (That’s also positive.)
Fourth, ACME will review their need for additional help among those people in stores not purchased. (That’s another positive.)
Fifth, Kings will aggressively pursue the sale of any stores not purchased by ACME. (That’s positive.)
Sixth, we don’t expect that any Kings stores will close during this ACME acquisition or the active pursuit of additional buyers by Kings for any stores not sold. (That’s positive.)
Seventh, our Industry cannot find enough knowledgeable, experienced help to fill the demand of our other Union Employers at this time. (That’s very positive in placing any of our Brothers and Sisters not hired by ACME or any successor buyer.)
Eighth, the process of the sale of the Company will take many weeks to perhaps several months before complete. During this time period, all our Brothers and Sisters will continue to be working and paid. (That’s positive.)
The picture we have painted is not intended to project some “pie in the sky” unattainable goal. Its purpose is to give our Brothers and Sisters of Kings an understanding of how hard your Union, along with others, are working to safeguard your livelihood and protect your families.
Your Union understands that the bankruptcy by your Employer gives rise to fears and concerns. However, now that we have the facts, what we need to do is to continue to give an outstanding effort in order to present Kings stores in the best light possible, which will help assure a successful transition and sale of all the stores.
As we get additional information we will update the website.
WORK SMARTLY – WORK SAFELY