Friday, June 4, 2021

Katerra Abandons 169 Workers and Major Projects in New Jersey

Blaming the COVID-19 pandemic and rising costs of labor and materials, Katerra has shut down operations in Jersey City, NJ. The company was expected to file for bankruptcy last year but was able to raise an additional $200,000,000 through its parent company, SoftBank, to address its debts.

Katerra was responsible for completing numerous projects in Jersey City but laid off its169 employees in Jersey City when it announced it is shutting down operations leaving uncompleted jobs on Cottage Avenue, Jordan Avenue, and Monitor Street.

Katerra officials told employees that they didn’t have enough money to pay for unused sick time or provide severance packages.

The developers of the unfinished projects have already begun looking for General Contractors to finish the buildings but may have to wait until legal issues are clarified. 

Gary Fleisher is the Managing Director and contributor to the Modcoach Network and its affiliated blogs.

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