WCCO - Layoff Notices Expected At Petters Companies

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Posted: Friday, 10 October 2008 5:51AM

Layoff Notices Expected At Petters Companies

It's believed 50 employees of Petters Group Worldwide will receive layoff notices Friday as the restructuring of businesses begins. Corporation founder and former CEO, Tom Petters, remains jailed in a multi-billion dollar investment fraud scheme. Among the companies under the Petters umbrella is Polaroid and CEO Mary Jeffries was at Petters headquarters in Minnetonka Thursday working with retailers and vendors. Meanwhile several politicians are returning campaign contributions from Tom Petters and in many cases are donating the money to charities. An attorney for Petters says his client denies any wrong-doing.

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