The article reports on the story of Bench, a popular bookkeeping and accounting service that was acquired by Employer.com after it was shut down due to financial difficulties. Here are some key points from the article:
Bench’s Financial Struggles
- Bench had been struggling financially, with employees reporting layoffs and reduced benefits.
- The company’s founders were considering shutting down operations.
Acquisition by Employer.com
- On December 27, Benchmark was shut down suddenly, leaving hundreds of employees without jobs.
- However, just hours later, Employer.com acquired Benchmark for an undisclosed sum, saving the company’s customers and many of its employees.
Uncertainty Around Bench’s Future
- The acquisition is seen as a rescue deal, with Employer.com promising to revive Benchmark and honor customer contracts.
- However, there are concerns about whether Employer.com has the expertise and resources to sustain Benchmark’s operations, given its sudden and unexpected takeover.
- Some former Benchmark employees have reported being offered only 30-day contracts, sparking uncertainty about their job security.
Employer.com’s Promises
- Employer.com has promised to re-extend job offers to a "large number" of former Benchmark staff.
- The company also claims it will honor customer contracts and fully service their accounts.
Overall, the article highlights the complexities and uncertainties surrounding the acquisition of Bench by Employer.com. While the deal may have saved customers and employees from significant disruption, there are still many questions about whether Employer.com has the capabilities to sustain Benchmark’s operations in the long term.
