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Home/Banking News/Unexpected School Layoffs Have Now Been Confirmed in California
Market News Today - Unexpected School Layoffs Have Now Been Confirmed in California

Unexpected School Layoffs Have Now Been Confirmed in California

By Frank Nez
February 21, 2024
2

Unexpected school layoffs have now been confirmed in California with some employees seeing less hours or lower pay, sources report.

After declining to tentatively lay off employees in January, the Moreno Valley school board has agreed to cut the equivalent of about 70 positions, reports Sarah Hofmann with The Press Enterprise.

Though it’s routine for districts to approve possible layoffs before California’s March 15 deadline to notify affected employees and to later rescind some, the Moreno Valley Unified School District is also trying to cut costs after declaring that it’s facing “undue financial hardship” at a special meeting last month.

That resolution cites a projected 2023-24 general fund deficit of about $2 million, and the need to pay legal fees and settlements, including $121.5 million awarded to two former students who were molested by a teacher in the 1990s.

District spokesperson Anahi Velasco said in October that the insurance policy the district had at the time will cover about 11% of it, leaving the district to pay about $108 million.

Weeks before, the district also agreed to a $27 million settlement for the 2019 death of Landmark Middle School student Diego Stolz, 13, who was beaten by two school bullies and died of his injuries nine days later, TPE reports.

In January, employees and board members took issue with the 80 positions originally selected by administrators to be potentially cut.

Board members asked officials to look for other ways to cut spending, and to consider reducing more district office positions in order to keep more employees who work at schools.

“This is sad, but we have to make a decision tonight,” Vice President of the board Ruth Self-Williams, said Tuesday, Feb. 13.

The outcome, Riverside County Office of Education Chief Business Official Scott Price told the board, is that if the district “gets to a point where you’re going to run out of cash,” it would begin the process of getting a state loan, which he described as a “board takeover” in which an appointed administrator would oversee the district.

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Also Read: This Massive Mall Retailer Is Now Closing In California

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Market News Today - Unexpected School Layoffs Have Now Been Confirmed in California.
Market News Today – Unexpected School Layoffs Have Now Been Confirmed in California.

A popular retailer now announces an unexpected closure in California which is set to take place in just a few days.

Climbers, hikers, and campers in Santa Monica, California, will have to find a new store for all their gear as REI is closing its staple location in the city at the end of February, reports The-Sun.

The store closure, first reported by the Los Angeles Times, comes just weeks after the outdoor retail giant closed another major location in Portland, Oregon.

The Santa Monica store is reportedly set to shut its doors at 6 pm on Thursday, February 29.

It first opened in 2006 and has been a favorite of many shoppers in the area.

The news of its closure left many upset on social media.

“Such a major bummer!” one customer wrote on Facebook.

“Another one bites the dust!” another person said.

“I’ve never been into one. It’s sad though, when any business, has to close,” a third shopper said.

However, REI fans don’t have to worry too much as the retailer recently opened another location in September 2023 in Marina del Rey – less than five miles south of Santa Monica.

Some shoppers who have already visited the new location have raved about the store.

“The new store in MDR is fabulous! Smart employees who are trained to actually know their merchandise. If you’re looking for outdoor clothing and gear, that’s the place to go for ideas, info, and terrific outdoor clothing options,” one shopper wrote.

“Their shop in Manhattan Beach is great too. Biking, camping, skiing, etc – they’ve got the gear and clothes to help outfit you.”

Since it was founded in 1938, REI has amassed 23 million lifetime members and around 181 locations across the United States.

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Also Read: A US Company Now Declares An Unexpected Bankruptcy

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Market News Today - Unexpected School Layoffs Have Now Been Confirmed in California.
Market News Today – Unexpected School Layoffs Have Now Been Confirmed in California.

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Frank Nez

Frank Nez is an American entrepreneur, journalist, writer, and investor. Frank's work has been cited by SEC and Congressional reports. Franknez.com is a personal finance and market news publication, dedicated to publishing content on money, investing, entrepreneurship, and retail investor news.

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  1. Frank Nez says:
    February 21, 2024 at 9:52 pm

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  2. Frank Nez says:
    February 21, 2024 at 9:52 pm

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