Janesville-based
SHINE Technologies, a manufacturer of medical isotopes, laid off 59 workers across all of its facilities Tuesday due to cash flow issues.
“As you may know, SHINE has been seeking additional investment in its business and facilities,” according to a WARN notice filed with the state Department of Workforce Development. “Unfortunately, due to cash flow issues because of the investment market and other factors, SHINE must take immediate action to reduce its workforce. As a result of these unforeseeable business circumstances and its inability to obtain other financing, SHINE is giving notice as soon as possible.”
The WARN notice sent by SHINE was received the same day layoffs occurred, on Aug. 8. Typically, employers are required to provide a notice of 60 days for any mass layoff event.
"Businesses employing 50 or more persons in the State of Wisconsin must give you written notice 60 days before implementing a 'business closing (plant closing)' or 'mass layoff' in the state," according to the state DWD.
SHINE plans on providing employees who were laid off with 60 days pay and benefits, “in lieu of notice.”
SHINE has several facilities, including a building at 3400 Innovation Court in Janesville, a construction site at 4021 Highway 51 in Janesville, a building at 4027 S. Highway 51 in Janesville, and a facility at 1306 W. B R Townline Road in Beloit.
"Today we made the difficult decision to undergo a reduction in workforce and focus our business on the path to near term success. This is a reflection of difficult market conditions intersecting with challenging long-term projects. We are grateful for the contributions made by our team and are committed to ensuring that they are supported through this transition," said Greg Piefer, founder and CEO of SHINE Technologies. "These changes reflect our laser-focus on getting SHINE to a self-sustaining, cash-flowing state with our imaging, radiation effects testing and therapeutics businesses. Success here will make our company less sensitive to market conditions that are out of our control. We remain committed to our mid and long-term objectives, including completion of The Chrysalis, our facility which will produce millions of doses of Mo-99 and other isotopes each year, and believe the current plan builds the strongest platform to achieve these.”
