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Tue November 18, 2008
Pilgrim's Cutting Jobs
By Angela Hatton
Mayfield, KY – An area processing plant is cutting salaried jobs to help weather a financial crisis. Pilgrim's Pride chicken plant, which operates a facility in Mayfield, plans to cut 335 jobs from their plants in the U.S., Puerto Rico, and Mexico. Officials estimate job losses will average ten per plant, but executives have been tight lipped about specific plant cuts. The fired employees will receive severance benefits, including job placement assistance through Mayfield Career Center. Pilgrim's is carrying about 1.5 billion dollars in debt. Most of that comes from the company's purchase of Gold Kist in early 2007. Pilgrim's has twice extended deadlines on a twenty-five million dollar interest payment and officials have considered filing for bankruptcy. The next payment deadline is November 26.