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ABC Financial Lays Off 42

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ABC Financial of Sherwood, the contract billing subsidiary of Jim Bottin Enterprises Inc., has laid off 42 employees after hoped-for business failed to materialize, CEO Paul W. Schaller confirmed to Arkansas Business on Tuesday.

He made the following statement in an email in response to Arkansas Business’ questions about the layoffs.

“ABC had ramped up in preparation for onboarding a very large new customer in 4th quarter 2014 and into 1st quarter 2015. We were able to accomplish that onboarding task and had hoped we could maintain our momentum with additional new growth and retain all full time positions that had been added.

“Unfortunately, as 2nd quarter 2015 ended, it was clear to ABC’s leadership that we had too many positions for the servicing work available. I believe the exact number of positions eliminated was 42 and we have provided extended severance and assistance to these employees.

“We continue to be excited about future prospects and look forward to opportunities as they present themselves.”

With self-reported revenue of $136 million in 2014, Jim Bottin Enterprises ranked No. 60 on Arkansas Business’ most recent list of the state’s largest private companies. In March, the 34-year-old company had 840 employees, 578 of them in Arkansas.

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