10 Jobs Lost In Prince George When Madill Goes Broke

Friday, April 04, 2008 08:59 AM

Prince George, B.C. - The Service Manager of Madill Equipment (which went into bankruptcy earlier this week )says he along with his fellow workers have no hard feelings towards the company. "It is the time, we got caught up in one of the most severe recessions in the forest industry ever” said Bill Bornholdt who was with the company for the past ten years . "This didn’t come to us as a complete shock ,we have slowed down pretty bad over the past year."

"We all got terminated" he said "union or non union didn’t matter, we did not get any severance pay."

A total of 190 employees were terminated when the company went into bankruptcy, 10 of those worked in Prince George.

Bornholdt says he believes the company has been sold and will operate under a new banner, some new paint and maybe a different name. "We have 500 to 550 pieces of equipment out there in the Prince George area alone, that’s reason enough for a company to pick us up."

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Posted on Friday, April 04, 2008 08:59 AM in News by 250 News

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Comments

Posted by: Dirtyrottenresearcher on April 4 2008 10:02 AM

This is a real shame. These are good hardworking people who will now need to find other employment or seek retraining opportunities.

Hopefully there is some political effort soon to stop what is starting to look like a downward spiral in the central interior of Prince George.

Posted by: Harbinger on April 4 2008 10:42 AM

On the other side of the coin, I am sure some locals will crow about how successful Ritchie Bros. Auctions will be next time they're in town fer a visit.

Posted by: metalman on April 4 2008 11:30 AM

Ritchie Bros. will crow forever. They are smart guys though, good on them, they found a niche and have now exploited it to the max. They are so successful they can get away with imposing all sorts of rules, like where the buyer AND the seller pay a commission in some circumstances, where you pay extra commission if the dollar value is less than their arbitrary threshold. The one I am waiting for is when they decide to charge people for registering as a (potential) buyer, to offset the cost of printing catalogues of course. What the hey, it is a free enterprise after all.
metalman.

Posted by: realitysetsin on April 4 2008 12:21 PM

Ritchie Bros is almost the perfect business model.

Times are tough = more things go to auction

Time are good = more people have money to spend at the auction.

They get their 10% or whatever either way.

Posted by: northman on April 4 2008 3:02 PM

Maybe time to head over to richi bro's.. I bet there will be a few madillosaurus's up for auction. If your getting into a future long term logging biz nows the time to buy.

Posted by: rightwing on April 4 2008 9:32 PM

If you buy on Richie bros website there is also a % charged to a max of 500 dollars.

Posted by: Chester on April 5 2008 5:13 PM

Ritchie Bros is a well run company and the staff take advantage of buying shares in the company when offered. Everyone has a vested interest in the success of the company. Maybe there are some lessons here. Chester

Posted by: govsux on April 6 2008 1:57 PM

Ritchies owner has a giant house on an island near Campbell river and his next door neighbor is the owner of Kates Towing, Seaspan, and The Washington Marine Group. The liberals wouldn't sell the fast ferries to the Indonesians for a low but reasonable price, but Ritchies auctioned them off to his neighbour for LESS than scrap. What's wrong with selling it for scrap. So Washington Marine helped build them, made a killing, and then bought them for pennies on the dollar. The purpose of the purchase remains to be seen. But a couple of Gordo's buddies made out like bandits.