American Capital Strategies is planning to close both its San Francisco and Philadelphia offices, peHUB has learned. The firm also is considering additional layoffs in other offices, which comes on top of its decision last month to rescind all of its pre-MBA and post-MBA job offers.
I had first heard about the Philly shutdown two weeks ago, but was told it was untrue by a firm spokeswoman. Today, that same spokeswoman declined to confirm or deny the news, but did email over a telling statement that read, in part: “In the past year, we opened three new offices in Boston; Frankfurt, Germany and Madrid, Spain. With the decline in M&A volume we intend to make modest adjustments to our operations to reflect the new investment environment.”
The axe is expected to fall in San Fran today, with Philly to come tomorrow.
Thursday Update: Philly office just received official word. ACAS still refusing to comment beyond initial statement, including on why they originally denied that Philly was closing.