Bitwise Industries furloughs entire staff, board fires co-CEOs
The Fresno, California-based tech company was set to open up its Toledo campus in the Jefferson Center downtown.
TOLEDO, Ohio — Wednesday, Bitwise Industries unexpectedly furloughed its entire staff of 900 employees, to much shock and confusion. The news hit close to home, as the fast-growing tech company was set to bring nearly 400 new jobs to the City of Toledo, according to a city spokesperson.
With regard to the Jefferson Center renovation, a key part of Bitwise’s expansion to Toledo, here’s what the city had to say:
“The Community Reinvestment Area ax abatement is granted to redeveloped buildings in specific neighborhoods and has been given to the Jefferson Center. The incentive remains tied to the building itself and would transfer with the property if at any point the building changes ownership.”
The statement goes on to say that a facade improvement grant was also awarded to ProMedica, to offset some of the cost of renovating the building.
“We remain committed to the development of the Social Innovation District (SID) in Uptown and are thrilled to have a newly renovated Jefferson Center to anchor the district. We’re confident the space will still be well utilized and grateful for the investment Bitwise made in our community,” the statement concluded.
As the city moves on, two key people within Bitwise won’t. The Fresno Bee reported on Friday that the company’s board had fired its co-CEOs, Jake Soberal and University of Toledo grad Irma Olguin Jr.
I’m continuing to follow this story and will have more throughout the week.
