LOS ANGELES (CBSLA.com)  —  The CEO of PennySaver on Sunday issued a statement regarding the sudden and surprising closure of the company two days ago.

Meanwhile, hundreds of frustrated and angry former employees worried about their fate and their future.

CBS2’s Adrianna Weingold spoke to many of the former employees and got the statement from PennySaver.

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Employees told her they still have no idea if they’re getting paid, have insurance or if they’ll receive any compensation whatsoever. After several attempts to find out what’s going on, Weingold received this statement from PennySaver CEO Ron Myers:

“PennySaver did everything possible to try to stay in business … our lender unexpectedly ceased our funding late Friday evening. Without
any funding the company was forced to immediately cease operations. We empathize with our employees during this difficult time…”

By phone, Myers told Weingold that he would be in contact with employees in a couple of days, but so far they say they’re being kept in the dark.

Employees gathered outside the Brea facility on Saturday to voice their concerns.

“They just are chopping us into pieces and they don’t care, I feel like you’re a little cockroach, just go home, pack your stuff and go,” said Ivette Mastronardi.

Richard McCune, an attorney based in Redlands, has been asked to investigate whether PennySaver broke any laws by going out of business without giving employees proper notice.

“Employees for a larger organization like this have the right to get 60 days notice before a layoff and these employees were at their desks working at 4:30 on Friday and suddenly told they’re no longer working,” said McClune.

PennySaver is owned by Open Gate Capital. A company that has a track record for buying and closing businesses.

Employees say their weekly ad revenue was over a million dollars and they find it hard to believe a company making so much money could go under so fast.

A group of former employees created a Facebook page so they could share information and vent. Click here.

Employees say they plan to meet at the Brea facility on Tuesday, hoping to get answers about their future.

Sunday evening, Myers sent an Email to “All PennySaver Employees.”

It read, in part, “PennySaver will be holding an optional Employee Meeting this Tuesday, May 26 [at 2 p.m] to discuss the state of operations and other important issues.”

He added, “It is important you know that this meeting is optional — no one is required to attend and you will not be paid for your time if you do attend.”

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