SOURCE: Staffing 360 Solutions

Staffing 360 Solutions

May 18, 2015 07:31 ET

Staffing 360 Solutions' Monroe Staffing Subsidiary Expands Into New Corporate Offices in Connecticut

New Office Space Provides Room for Additional Expansion as the Company Continues to Achieve Organic Growth

NEW YORK, NY--(Marketwired - May 18, 2015) - Staffing 360 Solutions, Inc. (OTCQB: STAF), a public company executing a global buy-and-build strategy through the acquisition of staffing organizations with operations in the US and Europe, today announced that the Company's Monroe Staffing subsidiary has completed its move to new corporate offices in Trumbull, Connecticut, with space to accommodate approximately 55 employees. 

The new office for Monroe Staffing comprises 10,200 square feet of space at 35 Nutmeg Drive, Trumbull, CT 06611 and will serve as the Monroe Staffing subsidiary's new corporate headquarters. The move was completed this past week, with the first official day for staff at the new office beginning Friday, May 15, 2015.

"As our biggest subsidiary in terms of revenue, making sure Monroe has sufficient room for expansion is critical," stated Matt Briand, President and CEO of Staffing 360 Solutions, as well as President and CEO of Monroe Staffing. "This new space for Monroe's headquarters in Connecticut is our single largest office in the Staffing 360 Solutions family. The layout is very modern and can accommodate up to 25 additional staff members. Not only does this move provide us with the much needed space for our operations to thrive, it will keep our Monroe corporate team together as we embark on our next phase of growth."

The move to a new Monroe Staffing headquarters in Connecticut was designed to create efficiencies for its employees and to optimize operations. If Monroe Staffing had stayed at its previous location, its only option for expansion would have been to separate its staff across different noncontiguous floors. The new headquarters keeps existing corporate operations for Monroe Staffing unified and provides flexibility for future expansion initiatives.

Steve Miller, Chief Financial Officer of Monroe Staffing, stated, "In addition to keeping our Monroe corporate team intact at one location, we have done so efficiently and cost effectively. In fact, we estimate this newer, larger and more flexible office space will save us money on a monthly basis. We are thrilled with the organic growth we have experienced as part of Staffing 360 Solutions, and are glad that Monroe is now in a location where this growth can continue."

Monroe Staffing has 15 locations across the East Coast, including its new headquarters. Not only has Monroe Staffing been expanding through new hires and revenue over the past year, Staffing 360's other subsidiaries have been experiencing strong growth as well. In fact, Staffing 360 Solutions announced its underlying subsidiary operations have shown 19% organic growth in revenue, fiscal year to-date, based on the Company's most recent fiscal third quarter results, which were released in April.

Staffing 360 Solutions believes organic growth, combined with its buy-and-build acquisition strategy are ideally suited for the highly fragmented temporary staffing industry.

About Staffing 360 Solutions, Inc.

Staffing 360 Solutions, Inc. (OTCQB: STAF) is a public company in the staffing sector engaged in the execution of a global buy-and-build strategy through the acquisition of domestic and international staffing organizations with operations in the US and Europe. The Company believes the staffing industry offers opportunities for accretive acquisitions that will drive its annual revenues to $300 million. As part of its targeted consolidation model, the Company is pursuing acquisition targets in the finance and accounting, administrative, engineering and IT industries. For more information, please visit: www.staffing360solutions.com.

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Forward-Looking Statements

Certain matters discussed within this press release are forward-looking statements including, but not limited to the timing and ability to enter into any additional acquisitions, as well as the size of future revenue. Although Staffing 360 Solutions, Inc. believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Specifically, in order for the Company to achieve annualized revenues of $300 million, the Company will need to successfully raise sufficient capital, to consummate additional target acquisitions, successfully integrate any newly acquired companies, organically grow its business, successfully defend current and any potential future litigation, as well as various additional contingencies, many of which are unknown at this time and generally out of the Company's control. The Company can give no assurance that the Company will be able to achieve these objectives. Staffing 360 Solutions does not undertake any duty to update any statements contained herein (including any forward-looking statements), except as required by law. Factors that could cause actual results to differ materially from expectations include general industry considerations, regulatory changes, changes in local or national economic conditions and other risks detailed from time to time in Staffing 360 Solutions' reports filed with the SEC, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K.

Contact Information

  • Investor Contact:

    Staffing 360 Solutions, Inc.
    Darren Minton
    Executive Vice President
    212.634.6413
    Email Contact

    Financial Contact:

    Staffing 360 Solutions, Inc.
    Jeff R. Mitchell
    Chief Financial Officer
    212.634.6411
    Email Contact