Dozens of workers to lose jobs as Genova closes facility in Faribault
Dozens of employees are losing their jobs as Genova Products closes its Faribault facility.
The layoffs began on Jan. 28 and are expected to conclude Feb. 10, according to a notice from the Minnesota Department of Employment and Economic Development (DEED).
A total of 63 employees are expected to lose their jobs as part of the permanent closure.
"Over the past several months, Genova has faced various economic challenges," a notice of the closing from Genova states. "These challenges resulted in the issuance of a letter by Genova' s secured lender advising Genova that it was in default of its loan covenants and confirming that no additional funding would be provided to Genova for its operations. Over the past several months, Genova has been working tirelessly to try to locate a strategic partner to either purchase Genova' s assets and continue operations or infuse necessary capital into Genova's operations. To date, Genova has not been successful in locating a strategic partner."