July 3, 2008

Layoffs at Hyde Tools

hyde_6_in_1.jpgIt was announced last week that Hyde Tools made the decision to layoff 14 workers (approx. 7% of its workforce). An article on the subject, appearing in the Worcester Telegram & Gazette News, states,

Hyde Tools president Richard M. Clemence cited a downturn in housing starts, falling home prices and a drop in revenues for such home improvement retailers as Lowe's, Home Depot and Ace Hardware.

"This is tough for all of us," Mr. Clemence said in a statement. "We have no choice but to flex to meet the industry decline. We simply have to buckle down."

We hope this trend doesn't continue both for the employees sakes and our own. One of our all time favorite tools is their 6 in 1 (if you don't have one of these, you're really missing out).

Read the article here.

Hyde 6 in 1 at Amazon.com
Other Hyde Tools at Amazon.com

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Posted by Doug Mahoney at July 3, 2008 5:07 AM
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