Drug maker Pfizer clarified the WARN notice it recently sent to the employees regarding the upcoming closing of its corporate campus in Peapack.
Yes, the company is closing the Somerset County campus. And, yes, the 791 employees there could be laid off — but only if they pass on the opportunity to relocate to the company’s headquarters in New York City or a regional office in Parsippany.
A company said the “vast majority” of workers will be offered a new location, to be determined by Pfizer based on the type of job they have. Most of the jobs at the Peapack location will be transferred to New York City.
Until it is determined how many of the impacted employees choose to accept a transfer, the number of layoffs cannot be determined, a Pfizer official said.
An earlier story by ROI-NJ indicated that all 791 employees would be laid off.
According to a WARN notice from the New Jersey Department of Labor & Workforce Development, Pfizer intends to close the facility as of Feb. 12, 2024.
Earlier this month, the company announced a sweeping $3.5 billion cost-cutting initiative due to weaker sales of its COVID-19 vaccine and its coronavirus treatment than it had expected in 2023.
Pfizer has already cut jobs in Illinois and in Colorado. According to several other reporting outlets, the pharmaceutical giant is also planning to close two facilities in North Carolina.