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Employees with Indian Land’s Titanium Solutions said they were blindsided Wednesday, March 13, when company officials unexpectedly told them the company was closing.
Titanium Solutions is a loss mitigation firm that has been located on HSBC Way in Edgewater Business Park since late 2008.
The company specializes in contacting delinquent borrowers at their homes on behalf of financial institutions, mortgage services and investors and other clients.
Employees Nickie Evans of Lancaster said rumors of the closing started to spread Wednesday morning as she and her approximately 110 coworkers arrived at work. They said the news came as a complete surprise.
“I went to work like any normal day and then they sent out an e-mail that they were calling a floor meeting at 2:30,” Evans said from the SC Works office in Lancaster on Thursday. “They pretty much told us that effective immediately, they were closing.
“He (CEO Michael Radesky) said that the company was out of money, that they had two potential buyers and they both folded ... one folded last week,” she said.
Neither Radesky nor Stephen King, co-founder of Prairie Capital of Chicago, Titanium Solutions’ parent company, returned requests for comment by press time Thursday.
The company shut down its website about 3:30 p.m. Thursday, the URL directing to a statement saying the company had “suspended operations and is no longer accepting new business” as a result of “declining volume and marketplace changes.”
Employees said the company offered two weeks severance to full time employees, but refused to pay them for “paid time off,” money they’d accrued from last year – that just last week company officials told them had to be used by March 31.
“He (Radesky) said that it was canceled. He had no money to pay it, and all PTO is ‘null and void,’” Evans said.
“Payday is tomorrow and he told us that as far as our paychecks, we ‘might get it on Saturday,’ and for those who had direct deposit it might show up as a ‘pending transaction.’”
Like Evans, former supervisor Kathy Younce, of Indian Land, said the closing caught her off guard.
Evans said the company still retained a small workforce to finish out an account, but that she believes the company knew it was in trouble for some time.
She said she and other employees are looking for an attorney who handles employment law to sue the company for violation of the WARN ACT.
The Worker Adjustment and Retraining Notification Act, enacted in 1988, requires qualifying companies to provide employees due warning of impending closings.
Younce said employees, and some attorney’s they’ve contacted, believe Titanium Solutions qualifies in several ways.
“The WARN Act says they have to give 60 days notice, or if you can’t, you have to give 60 days pay,” Younce said. “Several employees have reached out to attorneys and they’ve said we definitely have a case. What we’re doing now is trying to gather everybody and do it together.
“I’m angry because I know I’ve been treated unfairly by the company,” Younce said, expressing a similar sentiment as Evans. “I gave them two years and I worked hard and gave them more than what they paid me for just because I loved my job and take pride. I feel like they took advantage of me.”
Contact reporter Reece Murphy at (803) 283-1151