Westaff Franchise News

The Select Family of Staffing Companies Wins 3 VOICE Awards, including Coveted Judges' Choice
SANTA BARBARA, CA – August 30, 2011 – The Select Family of Staffing Companies, headquartered in Santa Barbara, is the big winner at the 2011 American Staffing Association Staffing VOICE Awards competition. This national annual awards program recognizes the best ASA member communications campaigns in 16 categories, from direct mail to public service. 
The Select Family of Staffing Companies won VOICE Awards for all three communications pieces submitted. They include:

Company Blog for "Job Talk with Anita Clew,″ a weekly blog with work-related advice for job seekers, employees, and managers that has gained over 25,000 subscribers in its first 9 months...

March 19, 2009 // Franchising.com // Walnut Creek, Calif., - a leading provider of staffing services announced today that it received approval from its stockholders to adopt the merger agreement between Westaff and Koosharem Corporation (dba Select Staffing) at a special meeting of stockholders held earlier today at Westaff's administrative offices in Walnut Creek, California. A total of 13,921,746 shares were voted in favor of adopting the merger agreement, representing approximately 83 % of Westaff shares outstanding and entitled to vote.

The proposed merger is expected to be completed this week, subject to the satisfaction or waiver of all of the other closing conditions set forth in the merger agreement (including receipt by Select Staffing of financing of $28 million to replace a letter of credit in favor of The Travelers Indemnity Company outstanding under Westaff's financing agreement)...

Walnut Creek, Calif.--(BUSINESS WIRE)--Westaff, Inc. (NASDAQ:WSTF), a leading provider of staffing services, today announced that it has entered into a third-amended and restated forbearance agreement with U.S. Bank National Association and Wells Fargo Bank, National Association effective February 18, 2009. Subject to the continuing satisfaction of the terms and conditions of this new forbearance agreement, the banks have agreed to forbear from exercising any of their default rights and remedies during the period from February 13, 2009 and ending on April 7, 2009 with regard to the existing events of default for the fiscal period ended on April 19, 2008 and for each applicable fiscal period ending on or before April 7, 2009. About Westaff Westaff provides staffing services and employment opportunities for businesses through its network of Company-owned and franchise agent offices...

Walnut Creek, Calif.--(BUSINESS WIRE)--Westaff, Inc. (NASDAQ:WSTF), a leading provider of staffing solutions, today announced that the audit report contained in Westaff's most recent Annual Report on Form 10-K for the fiscal year ended November 1, 2008 was filed with the Securities and Exchange Commission on February 13, 2009. Included is an explanatory paragraph from Westaff's independent registered public accounting firm expressing substantial doubt about Westaff's ability to continue as a going concern due to the fact that Westaff has suffered recurring losses, is out of compliance with its bank covenants and may be unable to obtain an extension of its workers compensation policy. Pursuant to NASDAQ Marketplace Rule 4350(b)(1)(B), any company whose securities are listed on one of the NASDAQ stock exchanges, that receives an audit opinion that expresses doubt about the ability of the company to continue as a going concern for a reasonable period of time must make a public announcement through the news media disclosing the receipt of such opinion...

Walnut Creek, Calif., - Westaff, Inc. (NASDAQ: WSTF), a leading provider of staffing services, announced today that it has received a proposal from Koosharem Corporation (as Select Staffing) under which Select Staffing would acquire all of the outstanding shares of Westaff common stock not owned by DelStaff, LLC for $1.25 per share in cash and all of the shares owned by DelStaff, LLC (which shares represent approximately 49.3% of the outstanding shares of Westaff common stock) for first lien debt issued by Select Staffing having a value roughly equivalent to $1.25 per share. Select Staffing's proposal is subject to significant conditions, including the completion of due diligence and the satisfactory negotiation and execution of definitive transaction documents...

New Location Expands Staffing Industry Leader's Reach in the Greater Champagne-Urbana Area December 02, 2008 // Franchising.com // Walnut Creek, Calif., - Continuing its commitment of bringing staffing business solutions to growing markets around the country, Westaff, Inc., (NASDAQ: WSTF), today announced the opening of a new Danville, Illinois office. The new office will serve as a satellite branch for the greater Champaign-Urbana area and it will be located at 425 N. Gilbert Street in the heart of Danville.

"Danville's growth and expansion makes it the right time for us to bring our strategic staffing solutions to the area," noted Westaff CEO and Chairman Michael T. Willis. "Through this development, we are further positioned to serve our customers well and continue to provide them with the people and tools that will drive their companies towards growth and success...

Walnut Creek, Calif.--(BUSINESS WIRE)--Westaff, Inc. (NASDAQ:WSTF), a leading provider of staffing services, announced today that it has established a staffing relationship with SIRVA, Inc. Under the terms of the agreement, Westaff will act as a single source provider by centralizing and managing SIRVA's contingent staffing program. As part of the staffing portfolio, Westaff will be providing in-depth recruiting and placement for SIRVA's administrative, clerical and information technology divisions in 8 offices nationally.

"Our new relationship with SIRVA is a testament to Westaff's strength in delivering quality solutions to well-known and respected companies," noted Westaff CEO and Chairman Michael T. Willis. "In addition, the partnership underscores Westaff's operational strength, as well as the company's ability to provide staffing solutions that are mission-critical and fully integrated into our customers' businesses...

October 03, 2008 // Franchising.com // Walnut Creek, Calif., - Westaff, Inc. (NASDAQ:WSTF), a leading provider of staffing services, announced today that it has reached a new forbearance agreement with U.S. Bank National Association and Wells Fargo Bank, National Association. Westaff CEO and Chairman Michael T. Willis further outlined operational steps designed to set the stage for renewed growth.

Westaff entered into a Second Amended and Restated Forbearance Agreement with U.S. Bank National Association and Wells Fargo Bank, National Association effective September 30, 2008. Under the terms of this Forbearance Agreement, the banks have agreed to forebear from exercising any remedies that they may have against the Company through November 21, 2008 as a result of certain events of default under its credit facility which occurred on April 19, 2008...

Divestiture of Overseas Operations Would Reaffirm Turnaround and Set Stage for New Strategic Direction

WALNUT CREEK, Calif.--(BUSINESS WIRE)--Westaff, Inc. (NASDAQ:WSTF) a leading provider of staffing services, announced today that it has entered into a definitive agreement to sell its Australia and New Zealand subsidiaries to Humanis Blue Pty Ltd, an Australian company and subsidiary of Humanis Group Limited, in a transaction valued at approximately US $15 million, consisting of a combination of cash and debt. Humanis is a Melbourne, Australia based company involved in the accumulation of recruitment providers in select verticals and Westaff's Australia and New Zealand businesses are its first acquisition.

Upon completion of the transaction, the divestiture would mark Westaff's exit from non-core international operations, and represent the culmination of several strategic steps that Westaff has taken with the objective of improving its business and its operations...

September 24, 2008 // Franchising.com // Walnut Creek, Calif., - Westaff, Inc. (NASDAQ: WSTF), a leading provider of staffing services, announced today that on September 10, 2008, it received a letter from The Nasdaq Stock Market ("Nasdaq") indicating that, for the last 30 consecutive business days prior to the date of the letter, the bid price of Westaff's common stock had closed below the minimum $1.00 per share requirement for continued inclusion under Nasdaq Marketplace Rule 4450(a)(5). As of today, Westaff's common stock has not been delisted and continues to be listed on the Nasdaq Global Market.

In accordance with Nasdaq Marketplace Rule 4450(e)(2), Westaff has 180 calendar days from the date of the Nasdaq letter, or until March 9, 2009, for the bid price of its common stock to close at $1...

Walnut Creek, Calif.--(BUSINESS WIRE)--Westaff, Inc. (NASDAQ:WSTF) a leading provider of staffing services, announced today that it has entered into a Forbearance Agreement with U.S. Bank National Association and Wells Fargo Bank, National Association, effective August 27, 2008. The agreement relates to bank covenant defaults which occurred on April 19, 2008 under the Financing Agreement dated February 14, 2008. Under the terms of this Forbearance Agreement, the banks have agreed to forebear from exercising any remedies that they may have against the Company as a result of such events of default through September 30, 2008.

"We agreed to this short-term forbearance while we continue to work with our banks to develop a longer-term arrangement...

August 29, 2008 // Franchising.com // Walnut Creek, Calif., - Westaff, Inc. (NASDAQ: WSTF) a leading provider of staffing services, today reported that it has entered into a Subordinated Loan Agreement with its principal stockholder, DelStaff, LLC ("DelStaff").

On August 25, 2008, the Company entered into a Subordinated Loan, which provides a loan facility allowing the Company to request loan advances in an aggregate principal amount of up to $3.0 million.

"This loan from DelStaff is positive evidence of the support we have from our largest investor," commented Westaff CEO and Chairman Michael T. Willis, "and it provides us with the access to capital so we can continue our focus on growth and expansion for the immediate future"...

Walnut Creek, Calif.--(BUSINESS WIRE)--Westaff, Inc. (NASDAQ:WSTF) a leading provider of staffing services, Tuesday reported financial results for its third fiscal quarter, which ended July 12, 2008. Consistent with historic financial reporting, the Company's first three fiscal quarters comprise twelve weeks each while the fourth quarter comprises 16 or 17 weeks.

The Company reported a net loss for the third quarter of 2008 of $15.1 million and a before tax loss from continuing operations of $14.4 million as compared to a net loss of $2.9 million and a before tax loss from continuing operations of $3.2 million in the same quarter of 2007. The current quarter reported losses included a non-cash write down of goodwill and other intangible assets totaling $11...

WALNUT CREEK, Calif.--(BUSINESS WIRE)--Westaff, Inc. (NASDAQ:WSTF), a leading provider of staffing services, announced today the opening of a new franchise office in Madison, Wis., located at 4261 Lien Road, Suite Q. The office will provide clerical, light industrial and technical temporary staffing services and employment opportunities to the Madison community.

Franchise owner Jim Holwerda will be overseeing the new Westaff office and its staff. Mr. Holwerda, who was born and raised in nearby Randolph, Wis., has been in the staffing industry for over eight years, in positions ranging from Recruiter to Regional Director at companies such as Aerotek, Adecco and ABR Employment Services.

"I am very excited about this opportunity to work with Westaff...

WALNUT CREEK, Calif.--(BUSINESS WIRE)--Westaff, Inc. (NASDAQ:WSTF), a leading provider of staffing services, announced today the promotion of two employees to high ranking Accounting positions at their corporate office. Rob Kinnard, former Franchise Accounting Manager will now assume the role of Senior Accounting Manager. In this new role Rob will oversee many of the accounting processes and personnel. Taking over his role as Franchise Accounting Manager will be Peggy Davis, formerly the Senior Accountant in the General Ledger Department. Peggy will be the main point of contact for Westaff's franchise owners and will handle the day-to-day accounting practices for the group. These promotions symbolize Westaff's commitment to their people and continued quest for excellence...

WALNUT CREEK, Calif.--(BUSINESS WIRE)--Westaff, Inc. (NASDAQ:WSTF), a leading provider of staffing services, announced today that it has established a business relationship with Paris Accessories. Paris Accessories is a privately-held company that distributes their products to large department store chains and food and drug stores such as Macy's, Nordstrom, Kohl's, Gottschalks, Walmart and Longs Drugs. Paris Accessories specializes in the manufacturing and distribution of men's and women's accessories, primarily in the production of products such as socks, shirts, t-shirts, hats, nylons and scarves. Westaff will now be providing a large volume of temporary workers for their Los Angeles distribution center, which is located in the city of Commerce and distributes products nation-wide...

WALNUT CREEK, Calif., - Westaff, Inc. (NASDAQ:WSTF), a leading provider of staffing services, announced today that it has established a business relationship with the home furnishing giant, Crate & Barrel. Crate & Barrel currently has over 160 stores and over 7,000 associates nationwide. As they come into their busy holiday season, their need for a contingent workforce is increasing. This account symbolizes potential added revenue of $2 million and should bolster the Westaff portfolio of clients.

"We are very pleased to announce that we entered into a service relationship with such a well established company," commented Westaff CEO and Chairman Michael T. Willis. "We look forward to the opportunity to staff for Crate & Barrel and demonstrate our expertise in adding talented personnel to their workforce...

WALNUT CREEK, Calif.--(BUSINESS WIRE)--Westaff, Inc. (NASDAQ:WSTF), a leading provider of staffing services, announced today that it has entered into a Forbearance Agreement with U.S. Bank National Association and Wells Fargo Bank, National Association, effective July 31, 2008. This agreement relates to bank covenant defaults which occurred on April 19, 2008 under the Financing Agreement dated February 14, 2008. Under the terms of this Forbearance Agreement, the banks have agreed to forebear from exercising any remedies that they may have against the Company as a result of such events of default through August 26, 2008.

"We are actively working with our banks to develop a longer-term agreement and we are confident that we will be able to complete a long-term solution by the expiration of August 26, 2008...

July 03, 2008 // Franchising.com // WALNUT CREEK, Calif. - Westaff, Inc. (NASDAQ: WSTF), a leading provider of staffing services, raised more than $6,000 this past Tuesday, June 30, 2008 when it hosted a fundraiser event benefiting Tony La Russa's Animal Rescue Foundation (ARF). The fundraiser was the final event in a series of community and corporate activities commemorating the staffing leader's 60th anniversary.

"Though our approaches may be different, Westaff and ARF share a commitment to enriching people's lives," commented Westaff Chief Operating Officer Steve Russo, who presented ARF Development Director Bobbe Hengst with the company's donation at the event. "ARF's dedication to matching people and animals equals Westaff's dedication to matching employers and employees...

Proven Leaders add More than 50 years of Industry Experience to Company's Sales Unit

June 26, 2008 // Franchising.com // WALNUT CREEK, Calif. - Leading provider of staffing services, Westaff, Inc. (NASDAQ:WSTF), today announced three additions to the senior leadership of its field operations team. Each of the three new leaders, Vice President, National Sales Jerel Keith; Vice President Sales, South/ East Region Cheri Cross and Area Vice President, Rocky Mountain Region Julie Ferguson, are staffing industry veterans and collectively add more than 50 years of industry success and expertise to the Westaff sales team.

"Westaff is poised for a new phase of growth and seasoned leadership from proven staffing veterans like Jerel, Cheri and Julie is an asset to meeting our company goals," commented Westaff CEO and Chairman Michael T...