Armstrong Flooring

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Author Message ken hercenberg Senior Member Username: khercenberg Post Number: 1469 Registered: 12-2006 Posted on Tuesday, June 07, 2022 - 03:44 pm:    See https://lancasteronline.com/business/local_business/whats-next-for-armstrong-flooring-after-it-filed-for-bankruptcy-heres-what-we-know/article_517c68f4-d7b9-11ec-93f4-5f0d2fc179eb.html https://lancasteronline.com/news/local/armstrong-flooring-secures-24m-in-loans-to-keep-company-operating-as-it-reorganizes-seeks-buyer/article_2658a90a-d564-11ec-8aa8-3b60771f1e70.html https://www.bloomberg.com/news/articles/2022-05-16/armstrong-paid-executives-a-4-8-million-bonus-before-bankruptcy Lisa Goodwin Robbins, RA, CCS, LEED ap Senior Member Username: lgoodrob Post Number: 404 Registered: 08-2004 Posted on Tuesday, June 07, 2022 - 04:07 pm:    "Armstrong Flooring Inc. paid its top executives $4.8 million just before filing bankruptcy." - Alan Mays, AIA Senior Member Username: amays Post Number: 223 Registered: 02-2003 Posted on Tuesday, June 07, 2022 - 04:46 pm:    Lisa, the real important thing is this part... "What does this mean for Armstrong Flooring retirees’ benefits? Armstrong Flooring wants to end all post-employment benefits including life insurance and health insurance to retirees but will continue to make required payments until the matter is decided, which is expected at the June 3 hearing. As of January 2021, there were 2,043 retirees receiving life insurance and 1,028 retirees, 563 spouses and 72 surviving spouses receiving health insurance, Armstrong said. Armstrong Flooring has two pension plans. One is the U.S. Qualified Pension Plan, which was created in 2016 when Armstrong Flooring spun off from Armstrong World Industries. The plan has 315 pensioners, according to the bankruptcy filings, and is closed to new participants. It is insured by the Pension Benefit Guaranty Corp. and is fully funded with a $23 million surplus." Now those retirees are left out in the cold. The executives covered their butts. The shareholders of the stock also lose their value if there is not a buyer that will maintain or improve the value of the stock price. Loretta Sheridan Senior Member Username: leshrdn Post Number: 34 Registered: 11-2021 Posted on Thursday, June 09, 2022 - 02:14 pm:    People seem hell bent on closing down all industry in the United States. Bleed the small towns dry, close the factory, keep the salaries of the c-suite high... Lisa Goodwin Robbins, RA, CCS, LEED ap Senior Member Username: lgoodrob Post Number: 405 Registered: 08-2004 Posted on Wednesday, July 20, 2022 - 08:44 am:    Some News Updates: Armstrong Flooring has been purchased by AHF Products, https://www.ahfproducts.com/en-us, and some Armstrong factory location(s) will close this Friday, July 22, 2022. Some agreement was made with retirees prior to the sale, per a Delaware bankruptcy court. -