Lafayette based company PHI who is known for its services in the offshore oil and gas industry, has been in business since 1949 and has seen a lot of expansion in recent decades.
But with changes in the oil industry the company has seen its share of financial problems, including filing for chapter 11 bankruptcy protection in 2019, but were able to emerge successfully.
According to sources a round of layoffs affecting 78 employees Thursday were a shock to many saying it was a combination of economics and questionable business practices.
After receiving documents that laid off employees received Thursday, News 15 discovered that the average age of those laid off was 50 years old.
Sources tell News 15 that many of those let go had a lot of tenure within the company.
News 15 reached out to PHI Friday and they sent us the following statement saying:
“We recently made the difficult decision to reduce our staffing levels to align with customer and business requirements and ensure a sustainable future for our organization.”
One former PHI employee I talked with said that many of those same people who were laid off are already feeling the pressure of finding new work.
News 15 will make sure to keep you updated as we continue to follow this story.