Commerce Confirms Closure of Business in Statements, All Employees Notified of Layoffs

Commerce Confirms Closure of Business in Statements, All Employees Notified of Layoffs

Tuesday, January 8, 2013

Baltimore - Commerce Corporation has issued notices to the State of Michigan and to all employees that it is closing the business. In a notice sent to the Workforce Development Agency, State of Michigan, Commerce Chief Executive Officer Richard Lessans states, ". . .due to unforeseen business circumstances resulting from actions taken by Commerce's largest and most important suppliers, the company has been forced to begin the process of closing its business, liquidating its assets, and winding up its affairs…." A separate notice issued to all employees states, "The closing of the company will result in the immediate termination of many employees, and ultimately the termination of all employees."

The notice to employees closes with Lessans' signature, which follows the statement, "On behalf of my family and the entire management team, I want to thank you for the dedication and professionalism that each and every one of you has exhibited over the years. This has been the most difficult decision of my life and I wish that the circumstances were better. Some things, however, are simply beyond our control. It goes without saying that I am most appreciative for your service and support. Best wishes and good luck." Both statements from Commerce are available for download through the State of Michigan at http://michigan.gov/documents/mdcd/Commerce_Corporation_WARN_407186_7.pdf. Watch for more details, including reactions from affected IGC retailers and industry distributors, in the March/April issue of IGC Retailer magazine.