KSDK reports-
Bridgeton-based KV Pharmaceuticals laid off 289 employees Wednesday. Company interim chief executive officer David Van Vliet issued a statement, saying, “Although this type of action is always difficult, we believe it is a necessary step to preserve our capital resources and to re-size our company to be in line with our current expectations of when and how we will be able to return to market.” The I-Team found out despite cutting nearly 40 percent of its current workforce, the company’s board of directors still found the cash to give themselves a hefty raise. According to the latest 10k SEC filing, the board of directors was paid $116,000 in 2009, but gave themselves a $60,000 raise as the company was involved in massive layoffs and faced an immediate future with no income.
Madison, IL
