July 1st termination letter (with a surprise ending)

July 1st, 2008

,

We regret that this letter brings extremely unfortunate news for the Progressive group of companies, its employees and other stakeholders.

As you know, we have been working with our major customers and principal lenders to find solutions to our financial challenge that would be acceptable to them. That challenge lies in the amount of money we owe, not in our business strategy or operational abilities.

While we had made great progress in these negotiations, more time was required as we worked to finalize possible solutions. That is why we initiated a Court-supervised restructuring process on June 20th. We thought this would provide us with some time and an opportunity to address our problems.

Since then, our lenders have been extremely helpful in their approach to these matters, and we greatly appreciate the support they have shown. Unfortunately, however, our major customers - Chrysler, Ford and General Motors - have decided to move their business elsewhere and are in the process of removing their tools from our facilities.

The loss of so much of our business at one time means that we must drastically and immediately reduce the size of our operations and our work force. We would like to have provided you with greater notice of these developments. However, events of recent days have been moving so quickly that we must respond with equal speed.

As a result, we had no choice but to announce that effective immediately your employment is terminated. You will receive final payment, which includes any outstanding pay up to and including today's date and any outstanding vacation accrual on the next pay date.

...

and in light of the fact that today is Canada day what would be more appropriate than to end this letter with national anthem. You will understand off course that the time is not sufficient, and we deeply regret but we had to shorten and adjust the text according to the circumstances:

"Oh where Oh where has that GM tool gone,
Oh where Oh where can it be ???
With its manifold hot and its cavity grained,
Is it sailing over the sea???

Oh Chinada !!!"