Pittsburg, TX (KTRE) - Pilgrim's Pride Corporation has confirmed that the company will be laying off around 335 salaried workers by the end of this month.
Company officials say the layoffs will be stretched out across nearly all three dozen Pilgrim's Pride locations. Employees who are being laid off are being notified this week, and the company is offering job placement assistance.
A company spokesman KTRE talked to said he couldn't say whether or not the layoffs would affect the Pilgrim's Pride Plants in East Texas.
Pilgrim's Pride received a temporary extension of credit last month that goes through the end of November to meet its debt obligation to stave off default.
Pilgrim's Pride Corporation (NYSE: PPC), the largest chicken company in the U.S. and the second-largest in Mexico, has appointed William K. Snyder, managing partner of CRG Partners Group, LLC in Dallas, as chief restructuring officer.
According to a news release, in this new position, Mr. Snyder will assist the company in capitalizing on cost reduction initiatives, developing restructuring plans and exploring opportunities to improve its long-term liquidity.