When workers at Republic Windows & Doors in Chicago were given three days’ notice in December that the plant was closing, they staged a sit-in at the shuttered factory to demand severance pay and benefits.
Republic told employees that Bank of America had canceled its financing, and that’s why the company was going out of business.
Following pressure from Illinois officials, Bank of America agreed to forward money from its share of federal Troubled Asset Relief Program bailout funds to pay the workers’ benefits.
They received eight weeks’ salary, accrued vacation pay and two months’ paid health care, amounting to roughly $7,000 apiece.
Like what you've read? ...Republish it and share great business tips!
Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...
" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/8545/boa-plays-role-of-savior-in-chicago-protest-bailout "