Monitor Group warns that it could lay off 235 people; says Deloitte will hire most
The Cambridge consulting firm Monitor Group filed a letter with the state saying it plans to lay off 235 workers in connection with its bankruptcy filing, but said it expects most to be rehired by Deloitte Consulting, which has agreed to acquire Monitor’s assets.
The letter said Monitor will “permanently terminate the employment” of its employees at 2 Canal Park in Cambridge, according to a WARN notice dated Nov. 9 and filed with the state’s Executive Office of Labor and Workforce Development. It also said “certain Monitor employees” will receive offers from Deloitte.
A Monitor spokesman, Eamonn Kelly, said the notice was required by law, but that most of the workers would be rehired.
“Deloitte has already made a substantial number of offers to our employees,’’ he said. “We expect most employees in Cambridge will receive offers.” He noted that the offers were contingent on completion of the deal with Deloitte.
All the employees are being laid off, Kelly said, because Monitor will no longer be their employer; Deloitte would be. In its letter, Monitor said Deloitte might ask it to keep some employees on the payroll for two to six months “to provide transition services.”
Of the people affected, 85 are consultants, 31 are in client service, 24 are in finance; another 18 are administrative, while still others are in information technology, “talent management,” and additional areas.
Monitor Group, founded by Harvard Business School competitive strategy specialist Michael Porter, last Wednesday filed for Chapter 11 bankruptcy protection in federal court in Delaware. That same day, Monitor said its assets would be acquired by New York-based Deloitte, a big-four auditing and consulting firm.
Last week, a Monitor spokesman said the firm expected “most” of its 1,200 employees to be offered jobs with Deloitte. Monitor started in Cambridge in 1983 and now has 1,200 employees in 26 offices around the world. The layoffs would commence in January.Beth Healy can be reached at firstname.lastname@example.org.