KINSTON AND DURHAM – A fast-growing charter aircraft company is downsizing in North Carolina.
Kinston-based private jet company flyExclusive has laid off staff, a former company employee has confirmed to WRAL. And Neuse News reported on Friday that the layoffs could affect as many as 55 employees and were “effective immediately.”
Takeoff: Private jet company flyExclusive to go public for $600 million
What’s going on
The Kinston-based company has announced that it will open an engineering center in Durham in 2021. Then this year, the company announced an expansion in the eastern part of the state. Soon after, flyExclusive said it planned to finalize the business combination and become a publicly traded company.
The deal, announced in October, valued the company at $600 million. At the time, the company claimed to have about 750 employees, but planned to add another 200 once its North Carolina expansion was complete.
Jim Segrave, flyExclusive’s CEO, said in an October statement that the capital raised from the business combination “will allow flyExclusive to rapidly grow our workforce, significantly expand our fleet and continue to invest in our customer experience, while maintaining our core values and families. first culture.
Now the company has reduced employment – about 14% of the workforce. Despite this, the company’s website says it has 13 employees as of Sunday afternoon.
Layoffs and factory closures in North Carolina hit a 25-year low despite an economic slowdown
Should NC employees worry about layoffs?
WRAL TechWire has not confirmed whether the company has filed a notice in the state of North Carolina under the federal Worker Adjustment and Retraining Notification (WARN) Act, which requires qualified employers to notify employees and state officials of qualifying mass layoffs or plant closures.
Analysis of notices filed under North Carolina’s WARN Act showed that as of last week, the state was on track to hit at least a 25-year low in terms of total mass layoffs and/or plant closures. as well as on track to have as few total workers affected in North Carolina as possible.
However, not all layoff decisions made by companies require notice under the WARN Act.
This is an evolving story and may be updated.
New flyExclusive expansion in Kinston to create 200 additional jobs in eastern North Carolina