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Marlin Reduces Workforce by 25; Remaining Furloughed Employees to Return

July 17, 2020, 07:25 AM

Marlin Business Services Corp implemented a reduction in workforce on July 15 that affected approximately 25 employees, according to a filing with the Securities and Exchange Commission. The company also announced that the previously disclosed employee furlough will end effective July 20, and all remaining furloughed employees not impacted by the reduction in force have been notified of their return to the workforce then.

The company 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. Marlin is scheduled to report its second quarter results on July 30 and hold the call July 31.

As reported by Equipment Finance Advisor on June 17, as a result of the impact of the COVID-19 pandemic on its business, on June 15, Marlin implemented a reduction in force that affected approximately 55 employees, the company stated in a filing with the SEC.  All the impacted employees were among the approximately 120 employees included in the furlough announced by the company on April 9.

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