Tormey Tire Company 1 Old Ferry Rd Bristol, RI 020809

Sam Tormey, CEO Phone: ###-###-#### Email: Samtormey@hotmail.com

Media Release
For Immediate Release Thursday, 3 October 2012

Tormey Tire Company Announces CompanyWide Downsizing

Bristol, RI--Following financial adversity, and a failure to meet their sales quotas, Tormey Tire Company announced at a press conference in Providence, Rhode Island today that they will be cutting over 400 jobs by next Friday. Committed to aiding the workers who have been layed off, the companys Human Resources department has planned a series of seminars, offering former employees a range of career services. Seminars will be held on Tuesdays and Thursdays from 9 am to 3 pm at the Providence Marriot Downtown Hotel, for the next three weeks. I have personally organized and designed the seminars, in conjunction with my human resources team, in order to aid these hardworking people as best as we can in their transition, said human resources director, Jane Doe. The seminars being offered will include information on scholarship opportunities, reference workshops, career building workshops, and networking workshops. After introducing a new product line in an increasingly volatile automotive tire market, Tormey Tire Company consistently failed to meet their quotas 4 months in a row. This series of quota failures left the company at the brink of bankrupcy, said CEO Sam Tormey last week, at this point we have no choice but to downsize, and cut jobs. I want our stakeholders, and the media to understand that we are fully committed to helping those that were laid off in the downsizing in their employment transition, said CEO Sam Tormey. We will not continue with, or consider company expansion, until we have resolved all of the issues concerning our financial crisis. This is not something we enjoy doing. Established in 1983, the Tormey Tire Company has been the leading supplier of tires to the Rhode Island Area for nearly three decades.

Tormey Tire Company 1 Old Ferry Rd Bristol, RI 020809

Sam Tormey, CEO Phone: ###-###-#### Email: Samtormey@hotmail.com

Tormey Tires are found in nearly every auto shop in the Eastbay, and are the brand most recommended by local automotive mechanics. Tormey Tires produces and sells tires for every kind of vehicle, from noncommercial cars and SUVs to tractors, big rigs, and public transportation vehicles. #