Post Corporation Stores Closure Memo
To: All Stakeholders
From: John Smith, CEO
Date: September 29, 2021
Subject: Closure of Physical Stores
Greetings,
Following the recent audit, the Finance Department has established that Post Corporation has incurred excessive debts over the years. The Finance Department’s perspective is that it will be impossible to pay off these debts and remain in operation. Therefore, the main solution is the liquidation of Post Corporation’s assets and the closure of the stores.
This decision comes across as drastic and relatively harsh. However, I would like to highlight specific pointers that have led to the decision. First, the company has been mismanaged over the years through making wrong investments, failing to pay suppliers, and late loan repayment (Liquidate your limited company, n.d). These are the main factors that have led Post Corporation to its current financial position.
As the CEO, I believe it will be impossible to recover from all three aspects while still operating normally. Normal operations consume financial resources through payroll, utilities, taxes, administration, and other unavoidable aspects. It is necessary to pay the company’s creditors to avoid litigations that could lead to a bad reputation and payment of damages. Worse still, the failure to pay could lead to the auction of assets, which will render the company completely bankrupt (SEC, 2009).
In addition, the organization has shareholders who depend on it for dividends. It is ethically wrong to continue misleading the shareholders that the company is making profits while it is not. This can be presented in a court of law as false information (Law Office of Peter James Chambers, 2021). Therefore, liquidating the current assets will allow Post Corporation to remit the initial investments to shareholders and honour other pressing obligations (Punishment for failure to distribute dividends (Sec 127), 2016).
Finally, while closing stores will lead to unemployment, it is better to release employees than retain them without a salary candidly. It is not necessary to put the company’s feet deeper into debt. Therefore, I second the finance department’s suggestion to close physical stores. I will be pleased to discuss this decision during the Annual General meeting next week.
References
Law Office of Peter James Chambers. (2021). False Financial Statements. Retrieved from https://www.chambersdefense.com/false-financial-statements
Liquidate your limited company. (n.d). Retrieved from https://www.gov.uk/liquidate-your-company
Punishment for failure to distribute dividends (Sec 127) . (2016).
SEC. (2009). Bankruptcy: What Happens When Public Companies Go Bankrupt. Retrieved from U.S. Securities and Exchange Commission: https://www.sec.gov/reportspubs/investor-publications/
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Post Corporation Stores Closure Memo
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