ResCo Services, a labour hire and recruitment company, based in Singleton has not ceased trading.
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Rumours were flying around social media sites when the more than 200 locally based employees were asked to attend a meeting to discuss the company's operational future.
ResCo's parent company Bluestone announced to the Australian Stock Exchange(ASX) some time ago that it wished to divest itself of that part of the company.
Bluestone's chief executive officer, Stephen Sasse told The Singleton Argus the meeting this morning between the company representatives and its employees was to explain to the staff face to face Bluestone's plans for ResCo.
"We are hopeful of a sale of ResCo and we wanted to explain to our employees what that would mean; either they would be terminated and rehired by the new owners or their employment transferred to the new owners, " he said.
"Nothing sinister just being upfront and honest with our employees which is a priority for the management at Bluestone."
Mr Sasse said Bluestone shares had gone into a trading halt on the ASX today but that related to another matter and had absolutely nothing to do with the meeting in Singleton.