Powell Mountain Coal shuts down mineThings must be pretty bad for the management of the mine to lay off most of its employees while, at the same time, look for a buyer. What is a prospective buyer to think?
By Walter Littrell, Kingsport Times-News
Jonesville — Owners of Powell Mountain Coal Co. have notified its approximately 140 employees that the mine is closing as part of the company’s plan to sell the mine.
The parent company is providing affected employees with 60 days of salary and benefits. Employees were given notice of the pending closure on Nov. 15.
As part of this divestiture plan, Progress Energy [the parent company] has determined that it was not economical to continue production at Powell Mountain ... (link)
In any case, let's hope, for the sake of those 140 employees (and their families), who have been notified of their termination just before Christmas, the mine finds new ownership pronto.