An unexpected wave of layoffs hit New Jersey as more businesses announce upcoming job cuts leading until the end of the year.
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.
“Pharmaceutical giant Pfizer has filed for mass layoffs that will impact hundreds of employees in New Jersey,” reports Ash Jurberg.
“Pfizer filed a WARN act with the New Jersey Department of Labor and Workforce Development advising of upcoming 791 layoffs.”
Just two weeks ago, Pfizer launched a cost-cutting initiative to save up to $3.5 billion.
At the time, Pfizer said the “multi-year, enterprise-wide cost realignment program” would involve layoffs, and now they have advised how many people in New Jersey will lose their jobs.
So far in 2023, New Jersey has laid off 11,712 employees under the WARN act across 124 businesses.
California remains the #1 state with the most layoffs in the country.
In second place is Colorado, followed by Illinois, Texas, Washington, New York, New Jersey, Florida, Michigan, and Georgia.
Below are the businesses that filed a WARN act of upcoming layoffs in New Jersey this year:
- PTC Therapeutics Inc. 308 job cuts by 12/27.
- Nestle. 210 job cuts by 11/17.
- Hunterdon Brewing Company LLC. 143 job cuts by 12/01.
- Bristol-Myers Squibb. 108 job cuts by 11/02.
- Novartis Pharmaceuticals. 103 job cuts by 11/24.
- Hotel Mahwah dba Sheraton Mahwah. 91 job cuts by 12/15.
Also Read: A New Wave of Massive Layoffs Hits Arizona
Other Economy News Today
A popular beer brand has now filed for an unexpected bankruptcy in efforts to reorganize the business and stay afloat, the company said.
Metropolitan Brewing, one of Chicago’s oldest craft breweries has filed for Chapter 11 bankruptcy “largely because it cannot afford to pay the back rent it owes its lenders,” reports TheStreet.
“Yeah, it’s true. Earlier this week, we filed for Chapter 11 bankruptcy protection.
This is the ‘reorganization’ type of bankruptcy, meant to help us right our ship.
The details are super boring. Importantly…
We are still open, and we have no current plans to change that status,” the company’s owners shared.
The company’s Chapter 11 filing blames its struggles on its rent.
The brewer moved to a new, more expensive, location in 2017 and is now unable to fulfill its obligations.
“The bankruptcy is being filed because while (Metropolitan) can pay market rent for the brewery space going forward . . . there is no way the (brewery) can ever repay the amount of back rent the landlord is seeking,” the Chicago Tribune reported the company shared in its filing.
“We still have plenty of fight in us. And we still believe in the beer we brew. We’ll get through this. It will just be easier — and way more fun — if you join us,” the company shared in a post reminding customers that it’s open year-round.
However, industry leaders say breweries in general are facing challenges nationwide.
“Honestly, it’s not just Portland, brewery sales are down nationwide,” said Larry Clouser who has owned multiple breweries in Oregon in an interview with KGW8.
“Within the last month, seven breweries and taprooms in Portland have closed or announced their upcoming closure.
Rising costs of operation, changes in consumer drinking habits, and the lingering effects of the pandemic have all affected the market,” reported an Oregon Public Radio.
Also Read: A US Company Now Declares An Unexpected Bankruptcy
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