PADUCAH — Genova Products said it plans to file a notice with the state that they will be closing.
On Tuesday, Genova Products said they plant to send out a notice saying it will close.
The notice was made to comply with the WARN Act, which requires employers with 100 or more employees to provide a 60-day notice of plants closing and mass layoffs of employees. The company filed notice under the "faltering company exception," to the 60-day requirement. That exception allows companies to give notice after 60 days in "situations where a company has sought new capital or business in order to stay open and where giving notice would ruin the opportunity to get the new capital or business, and applies only to plant closings."
Joseph Pusateri, director of operations with Genova Products, says the company has been working to get funding to restore operations, but was unable to do so.
He goes on to say the company has a potential buyer. The terms of the proposal are currently being reviewed by the bank.
You can read Pusateri's full news release below.