Aurora-based lender American Financing is laying off almost two-thirds of its staff before Christmas.

The Denver Post reported that American said it would permanently layoff 194 out of 305 employees at its Aurora headquarters, citing a filing with the Colorado Department of Labor and Employment under the Worker Adjustment and Retraining Notification or WARN Act.

Employees were told Tuesday and layoffs will come in two waves, the first round starting on Nov. 18 and the second round around Dec. 23, two days before Christmas, according to the article.

“General economic conditions have unexpectedly and dramatically decreased AFC’s sales. These economic conditions and the resulting sales shortfall are wholly outside AFC’s control. AFC could not anticipate the speed or extent that its sales would decline in the second half of October and beginning of November,” Benjamin Ross, the company’s general counsel, said in the WARN letter.

The company last year had 900 employees, according to Top Workplaces. It cut an “undisclosed number of headcount,” according to the article, which stated that the current layoffs will bring the headcount down to 111 workers. 

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