Carthage based Leggett & Platt in a WARN letter issued September 10 to the Kentucky Education and Labor Cabinet announced it is permanently closing its Georgetown, Kentucky, adjustable bedding factory by the end of the first quarter of 2026. One hundred people will lose their jobs.
In the letter, the company cited "difficult business conditions" as the reason for the closure.
10 comments:
The Consolidation / Layoffs at Leggett & Platt continues due to a past CEO who ran the Company into the ground. Mitch Dolloff resigned as CEO of Leggett & Platt in May 2024 and was succeeded by former CEO Karl Glassman. Mitch Dolloff, who succeeded Karl Glassman as CEO on Jan. 1, 2022.
Stock Prices - January 1, 2022 - $41.16 a share. (Took over Position).
Stock Prices - September 19, 2025 - $9.56 a share. (Yesterday).
For Running the Company into the Ground - Mitch Dolloff - Received these and several other Parachute Items when he was asked to Resign from the Company. It seems to Pay Well to Run a Company into the Ground.
According to a filing with the Securities and Exchange Commission, Mitch Dolloff will receive the following package.
- He will receive a "consulting fee" of $1,120,000 for one year.
- He will receive the bonus for this year, as if he had been here the entire year.
- A lump sum payment to cover his COBRA health insurance costs.
- Four weeks of vacation time
- In exchange for that payment, Dolloff agrees not to work for a competitor and the company agrees not to say bad things about Dolloff.
Are you sure its not caused by the tariff fiasco?
11:05AM, No this is not about Tariffs or the Republicans as much as mismanagement - their Stock was $9.57 as of January 2, 2025 before Trump was even in office. So let’s take that idea off the table, plus Biden was in office as the January 20, 2021.
The delightful insights of rightwing politics from our friend "The PPPP"!
6:13AM, Another WONC, "Woke No Comment", never anything about the article or topic, multiple people have sited you for your total lack of intelligence and inability to form thoughts, when you are shown the Truth and Facts, yet due to your Woke, DEI, CRT, Pronoun Shaming Leftist Liberal Democratic Views - you cannot ever respond to the article or as most Democratics fail to respond with any Truth or Facts - other than your everlasting diatribe - "That is just Rightwing", "Your just a bunch of Nazis", Always Blaming - NEVER ABLE TO RESPOND WITH ANYTHING - THAN JUST HATE SPEECH. Which if I was you - I would keep your BS Comments to yourself - America is Tired of your Leftist Liberal Propaganda, Agenda, Intimidations, and Hate Speech - are you in the Unemployment Lines Yet - -
Need to bring Felix Wright back he knew how to run the company
OMG, 6:13AM, Mitch Dolloff takes his CEO position on January 1, 2022 stock price is $41.16 a share, by January 2, 2025, the stock price is $9.57. Do the math brainiac, Trump did not even take office until January 20, 2025. Are you that naive and brain dead, that you cannot connect the dots. So, Sleepy Autopen Joe Biden is in office during those years, ruining Businesses and the Government with his Woke, DEI, CRT, Pronoun Shaming, Leftist Liberal Democratic Policies and somehow you think Leggett & Platt Lost 77% of its Stock Valuation due to a Rightwing Political Conspiracy - You are Nut Job - Stop Blaming the Republicans because that is all you Leftist Liberals Due - Since you have no other comeback, Truths or Facts - all you do is Blame others, "Right Wing Politics or we are all Nazis" STOP YOUR IGNORANCE - IT IS JUST LAUGHABLE! Clearly you are on the Government Rolls!
It’s also possible Mitch just really sucks at running a business. They invested heavily and bought companies that made all the beds you see in malls. But people aren’t spending $5k on a bed. They’re buying cheap garbage off Amazon from Chinese competitors. It’s possible to leave politics out of things. Either make cost effective products on shore or die like they’re doing. Selling off their last profitable sector with Aerospace. They’re ripe for a Bain to come in and disassemble the rest and scrap it all to nothing. But hey Mitch got his golden chute.
I worked for L&P for over 40 years. They became the "textbook" example of "silo'ed" divisions and crappy in-house/in-breed management that lived off the victories of the past. Specific to above - while Mitch Doloff was an example of this, he was simply handed a "crapshow" that was unsave'able. It was done intentionally to make him the "fall guy". More stupidly - they then bring back the guy (Karl Glassman) that was one of the main inbreed causes of their decades long decline to "save" the company! And paid him stupid amounts of $$$'s to return. How well has that worked out??? They are stuck with several "divisions" that aren't even close to competitive, close their eyes to the "real marketplace" (which they haven't understood for decades!), and have alot more "pain" ahead of them yet! Ask a "buggy whip" manufacturer if cars are here to stay or not! Ask L&P senior management if innersprings are the future of bedding????
11:05 above is correct. Tariffs are part of it, and softening demand for adjustable beds is the other primary factor.
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