This is the email that David Little, Chairman and CEO of Houston-based DXP Enterprises sent to his employees to explain why, “due to bank obligations and to continue a positive cash flow profile” the company has to freeze 401(k), why it is cutting pay in some cases as much as 60% and why many employees are about to lose their jobs in the middle of what is an “oil and gas depression.” It is a disturbing read.
Dear DXPeople,