More than 200 workers employed by Cooks Venture, Inc. in Oklahoma and Arkansas are losing their jobs this week as the company couldn’t obtain adequate financing for its operations.
The company notified Oklahoma’s Office of Workforce Development, explaining its meat operations in Jay were closing immediately. The shutdown also applied to the company’s hatchery and deboning facilities in Decatur, Arkansas.
The shutdown and closing are expected to be permanent. Workers also received a notification from the company.
“While we would have preferred to provide you with more notice, due to the unexpected and last-minute lack of financing for the Company’s continued operations, we were unable to do so,” wrote the company.
The firm indicated it had been in “serious discussions” since Sept. 1 to obtain financing in order to avoid a shutdown.
“Unfortunately, earlier this week we learned that the Company would not be able to obtain the anticipated financing. While we are still working to find a potential buyer to purchase the Company as an ongoing concern, in the event that such sale does not occur, we have no option left but to begin the process of shutting down operations and closing facilities.”
The notice to the state was required under the Worker Adjustment and Retraining Notification Act or WARN.