Wingspan Portfolio Advisors announced it will be closing its operation in Melbourne, Fla. on June 30. Employees were notified via letters, leaving 150 people without jobs.
FLORIDA TODAY reported that the Dallas-based mortgage servicing company notified employees by letter on June 17 from Vice President of Human Resources Terry Mitchell. Wingspan takes distressed properties and making them profitable again by modifying the term so the property’s loan.
Wingspan stated in the letter that JP Morgan Chase ended its contract for the loan modification work, which resulted in the closure of the Melbourne operation. In February 2013, Wingspan acquired the mortgage servicing operation from JP Mogran bandits 400 employees.
The letter read:
“Wingspan’s leadership reasonably believed until June 10, 2015 that a better outcome was possible, which providing notice of the impending possibility of a closure would have doomed.”
The Worker Adjustment and Retraining Notification Act (WARN) requires businesses with 100 or more employees to provide a 60-day advance notice of a facility closing that will result in a mass layoff. FLORIDA TODAY reported that workers said they received no previous notification prior to the letter for the June 30 closing.
Logo courtesy of http://wingspanglobal.com/.