A New Wave of Massive Layoffs Now Hits Texas
A new wave of massive layoffs is now hitting Texas again as the state prepares for more job cuts this year.
Six more businesses have announced layoffs in Texas for the month of October, November, and December.
“So far this year, over 18,000 job cuts in Texas have been lodged with the Texas Workforce Commission across more than 160 businesses,” reports Ash Jurberg.
“Under the Worker Adjustment and Retraining Notification Act, an employer with more than 100 full-time workers must provide a 60-day notice before laying off 50 or more people at a single site.”
California remains the #1 state with the most layoffs in the country.
In second place is Colorado followed by Illinois, Washington, New York, Texas, New Jersey, Florida, Michigan, and Massachusetts.
The following businesses have filed a WARN act advising of upcoming layoffs in Texas this year:
- American Medical Response has cut 156 employees in Fort Worth.
- Accenture has filed a notice advising that 351 staff members in Austin will lose their positions on December 8.
- L3Harris Technologies is cutting 268 staff in Rockwall on November 30.
- Raytheon Technologies will cut 39 staff in Dallas on December 9
- Mittera Group will be cutting 136 staff in Carrolton on December 9.
- Invista Nylon Chemicals will be cutting 239 staff in Orange on October 27
Massive layoffs in Texas have now mounted as a car dealership filed for bankruptcy, affecting several hundreds of employees August – September.
The announcement comes after the dealership had laid off a whopping 466 employees in Florida.
Off Lease LLC, a subsidiary of the renowned used vehicle dealer Off Lease Only LLC declared its intention to permanently close its operations in Katy, Texas, laying off 116 employees due to mounting financial difficulties.
Related: Unexpected Layoffs in California Now Rise This Month
Other Economy News Today
Another popular retailer now declares an unexpected bankruptcy as modeling its competition proved to backfire.
Shift, which followed the Carvana blueprint, has shown that too many companies using the same disruptive business model leads to failure.
“Carvana has shown that people want a different way to buy and sell used cars, but copycats including Vroom and Shift Technologies have shown that when a company does not have a proprietary business model, competition can kill,” reports TheStreet.
“But just because people want to buy and sell cars without the sleaziness associated with traditional car dealers does not mean that multiple companies can succeed.
We’re seeing the same issues in ride-sharing and food delivery, where too many companies using the same business model lead to an inability to raise prices.
Shift has fallen victim to the fact that too many players in the used-car space use similar disruptive models.
That makes the price of acquiring customers too high, especially for a company that’s arguably No. 3 at best in a race where even market leader Carvana may ultimately run out of money.”
Shift Technologies disclosed that it intends to file a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code, to implement an orderly wind-down of its business.
“To facilitate the process, the company will utilize cash on hand and cash generated by the liquidation of inventory through wholesale channels to provide the necessary liquidity to support the wind down and closure of operations during the Chapter 11 process,” Shift stated.
The company has closed its retail locations, and its website no longer offers any services.
“This decision follows months of trying to raise capital and restructure the balance sheet to allow the company to operate unencumbered in this challenging environment,” Chief Executive Ayman Moussa said in a statement.
Also Read: A Massive California Retailer Now Files An Unexpected Bankruptcy
Market News Published Daily 📰
Don’t forget to opt-in for push notifications so you don’t miss a single article!
Also, thank you to all of our blog sponsors. This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
You can also follow me on Twitter, Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.
Become a Sponsor for only $1/mo.
- Gain access to EXCLUSIVE FrankNez articles you won’t find here.
- Become part of a private and safe Discord community, just for retail investors.
- Get drawn at the end of the year for holiday giveaways.
Recommended For You ✨
Comments are closed.
Most of those appear to be health related to healthcare, so I consider them host pandemic extra employees they put on during that period that they’re trimming back down now
As corporations shifted manufacturing overseas to avoid union organizing and high wages, pressure on service jobs to pay a living wage has created this situation.
☝️
Leave your thoughts below.