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Marlin Reduces Workforce by 55 Employees Due to COVID-19 Impact

June 17, 2020, 07:30 AM

As a result of the impact of the COVID-19 pandemic on its business, on June 15, Marlin Business Services Corp. implemented a reduction in force that affected approximately 55 employees, the company states in a filing with the Securities and Exchange Commission.

All impacted employees were among the approximately 120 employees included in the furlough announced by the company on April 9. Approximately 20 additional furloughed employees have returned, or have been notified of their imminent return, to the workforce. The furlough period for the remaining population of furloughed employees is expected to continue through July 15.

The company said it does not expect the reduction in force to impact its ability to grow origination volume when general business and economic conditions permit. The company will provide further detail regarding its origination growth strategy on its second quarter 2020 earnings call.

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