Despite reported layoffs, Tessco Technologies leases more space in Timonium
Several sources have reached out to me to say that the number of layoffs this month at Tessco Technologies Inc. ranged anywhere from 30 to 60.
(That's Tessco's CEO, Robert B. Barnhill Jr., in a Sun photo at a Maryland Shock Trauma gala in 2002 -- the only picture we have of him in our photo archives.)
I don't have a more solid number to report to you, since the company hasn't responded to my inquiries. We do know that a Facebook page was created to organize a happy hour for the laid off employees, but that page is now private.
But here's another news nugget: Today, an SEC filing from the company was filed which showed that Tessco extended its building lease in Timonium by more than 3,800 square feet, for a total of nearly 100,000 square feet. (The company also has a global logistics center in Hunt Valley.)
Its annual rent in Timonium will climb from $1.7 million this year to more than $2 million in 2017, according to the lease agreement. I don't have a current estimate of Tessco employees, but I found this dated estimate in their annual report last May:
As of March 28, 2010, we had 918 full-time equivalent employees. Of our full-time equivalent employees, 442 were engaged in customer and vendor service, marketing, sales and product management, 387 were engaged in fulfillment and distribution operations and 89 were engaged in administration and technology systems services.
So why would Tessco, which builds local wireless networks and sells mobile devices and accessories, expand its space if it reportedly is laying off? I don't know. I'm actually slightly confused now -- did the layoffs allegedly happen in Hunt Valley, Timonium, or both?
Maybe there's a long-term growth expectation that Tessco is preparing for? I just left a message for Jamie Holloway, a PR person at the company. Hopefully someone from Tessco responds.
UPDATE: I found another picture of Mr. Barnhill, but our archives of Tessco are pretty bare. This one is from 1999. I'm hoping he grants me an interview:
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