No Bonus

INTEROFFICE MEMORANDUM

TO: [          ]

FROM: [          ]

DATE: [          ]

SUBJECT: [Holiday bonus]

In reviewing our year-to-date sales figures and expenditures, I have reached a very difficult decision. Due to our decreased sales since [May] and continued cost increases, [COMPANY] will not be paying a holiday bonus to employees, including all executives and managers.

Since I announced in [March] that all indications were for an exceptionally strong performance this year, I want to apologize personally for unjustifiably raising everyone’s expectations for a bonus.

Despite [COMPANY’S] overall performance decline, our core products have continued to do well. Our sale of the unsuccessful Debbie Cosmetics line has finally turned around our monthly profitability figures, and our purchasing department has located a new, lower cost source for several key product ingredients.

I much appreciate everyone’s efforts in making these improvements and in continuing to provide quality service and products to our customers. Although there can be no promises for a holiday bonus next year, signs are that [COMPANY] will be more successful in the next twelve months.

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