BOLTON LANDING - Last week's purchase of The Sagamore by Sagbolt LLC has surprised and concerned many in area communities, with a reported 103 layoffs and policy changes that will affect the 700-plus remaining staff at the historic resort.
Sagbolt is a subsidiary of Ocean Properties, Inc., which is owned by the Walsh family and owns over 100 hotels and resorts across the country, according to a press release issued this week by Sagbolt officials. However, the undisclosed specifics of the sale and the subsequent layoffs have raised questions in the community.
Sagamore employees have remained tight-lipped regarding the policy changes that have occurred because of the new ownership. Many told the Adirondack Journal that they were concerned about losing their jobs. Several commented with the understanding that they'd remain anonymous.
"They fired so many people within two hours of the transaction," said a female employee of nearly 10 years.
She and other employees said last week they were instructed to re-apply for their positions. She said the re-hiring process was followed by group meetings where company policy was outlined in detail.
She and others confirmed at Sagamore employees' 401K plans would not include company contributions as in the past. Also, the employees' new health-care coverage has a $10,000 deductible, the woman said.
Several employees said they were told the staff cuts were made because overhead had to be reduced for the operation to remain financially viable.
A representative of Sagbolt explained the actions.
"Benefits always change when there is a sale like this," said Sagamore Director of Marketing and Sales Kevin Rosa. "I obviously can't comment on the layoffs or the specifics of the benefit changes."
Similar responses came from repeated inquiries to Ocean Properties' officials based at the firm's offices in Florida and New Hampshire.
A long-time male employee said the benefit package is inferior to the one existing under the previous ownership. Furthermore, employee schedules will now be under the oversight of the central office, which will use projected revenue to dictate what staff is needed and when.