Employment Law Questions? Ask an Employment Lawyer.
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It depends on the specific wording of the contract but as a general rule the rights and obligations under a non-compete clause can be assigned to a new employer and thus the new employer can then enforce the non-compete agreement. However, you mention that the new owner reduced benefits, etc and so it is at least possible that they breached the agreement first and therefore wouldn't be able to sue to enforce the agreement due to a doctrine of law known as "unclean hands".