RELEASE FROM GOODWILL
Statement from the Former Board of Director of Goodwill TECNO Michael Eubanks
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The former members of the Board of Directors would like to reiterate our support for Goodwill operations, its mission and Keiko Nakamura's leadership during this time.
On Friday evening at a meeting of the Board, the Board resolved to cease operations because Goodwill’s cash flow position and forecast had become unsustainable.
At the meeting the Board also passed a resolution instructing Ms. Nakamura to continue her role as CEO and her strategy, taking the necessary steps required to cease operations as quickly as possible.
There are significant business challenges, including shifts in the value of the salvage marketplace, declining retail sales and the need to restructure retail store costs.
These are the business realities that led the board to resign.
The board has given Ms. Nakamura a mandate to continue discussions with the union to help address the financial realities facing the organization.
Goodwill is a unique social enterprise, where majority of funding and services are self-driven through consumer and donated goods. In its current state, Goodwill’s operations model was not sustainable.
This was the imperative that led to our decision.
We would like to reinforce that this was a difficult decision.
We support Ms. Nakamura’s continued leadership in finding and implementing long-term solutions needed.
She is a capable and strong leader who is determined to see through this next chapter for the Goodwill.
We stand behind her and the decision currently made in this situation.
The former members of the board of directors for Goodwill TECNO are all volunteer board positions.
It was made up of community business leaders throughout Ontario.
They volunteered their time and experience.
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