Norwalk-based air cargo company Southern Air, which is going through a bankruptcy restructuring, filed a mass layoff notice with the state Department of Labor that 120 workers could being losing jobs in March.
The Worker Assistance Retraining Notice, filed by Laura Brown, head of human resources, said the company has developed a plan to relocate certain operations, which could potentially impact 120 workers, but didn't say where the operations are going. But the move doesn't mean everyone is going to lose his or her job.
"Up to a third of the affected employees will be offered relocation," Brown said in the notice. She did not immediately return calls for comment Friday.
The first wave of job cuts are planned for March 18, the notice said.
Southern filed for Chapter 11 bankruptcy protection in September of 2012 as creditors prepared to take away two of the cargo airliner's planes. The company leases about 11 aircraft delivering cargo under commercial and military contracts. In its filing, the company blamed military force reductions and Pentagon cuts for part of its financial struggles.
This is not the first time Southern has had financial problems. The company went bankrupt in 2002 and restructured its debts, exiting the process in less than a year.
In 2007, Oak Hill Capital Partners, a private equity, bought the firm.
Southern entered this bankruptcy with $206.9 million in assets and liabilities totaling $486.5 million.
The company reported revenue of $25.6 million in November, which left it with a net loss of $7.8 million for the month.
Staff writer Rob Varnon and Bloomberg News contributed to this report.