2569 Modern Street,
Austin, Texas 25649
February 1, 2008
The last financial year has been very difficult for this organization due to the numerous defaults in loan repayments. We have done our best to recover the funds and the company lawyers are working round the clock so as to ensure that legal action is taken against the defaulters. There has also been marked decline the company business and this has necessitated the closure of two of our branches.
We have been faced with the difficult task of restructuring the company so as to cope with the financial problem. The management has concluded that all casual and temporary employees of the bank will be laid off within the next two months.
We hope that you will understand that this decision was necessary and was taken as a last resort. For more information please contact me.
Sincerely Easter Green
Human Resource Manager