Theo, sorry to burst your bubble.
ALL of the hourly employees were cut; dead.
Most of the salary employees are being kept on for 2 months in an "on call" status; then terminated. (This includes the entire top end, high paid sales staff.)
VERY few employees were actually asked to relocate and become Lexicon employees.
The building is CLOSED!
Reps are reptiles! (Did you hear something from a rep firm or someone inside?) He is being told what to say for now because Lexicon doesn't have all of the details worked out; they don't plan on communicating the facts to the dealers or distributors until next week!
Madrigal used to run 5 brands:
Madrigal Imaging - Sold last year
Proceed - Dead
Audioaccess - JUST transferred before the end of the fiscal year to JBL/Harman Consumer Group
Revel - Was and will be manufactured in the JBL Pro plant in CA; Madrigal only administered the brand
Mark Levinson - The flagship of Madrigal will now be engineered and ASSEMBLED at Lexicon. The decisions have been made to farm out as much as possible (even if this means sending work to China).
Jayarr,
Thanks for the condolences. The plant was mismanaged for the past 7 years, leading up to this "tightening of the belts". The economy has definitely not helped, here or elsewhere.
