A giant company now announces unexpected layoffs in Florida after finally filing a WARN notice with the Department of Economic Opportunity.
It’s important to note that under the Worker Adjustment and Retraining Notification Act, an employer with more than 100 full-time workers must give 60 days’ notice before laying off 50 or more people at a single site.
Varis, a digital commerce software-as-a-service and procurement company, has officially filed a WARN Act notice with the Florida Department of Economic Opportunity advising that a total of 75 employees at a Boca Raton facility have been laid off.
The job cuts applied to a subsidiary of ODP Corp. after a letter from shareholders detailed disappointment with the brand, reports Biz Journals.
Varis noted it would initiate layoffs on March 27 or within two weeks of that date.
The company did not disclose which job titles would be affected by the workforce reduction but state that the layoffs would include in-person and remote employees.
Varis said its office will remain open after the layoffs.
Other businesses laying off in Florida this year include:
- Volta Charging Industries. 3 job cuts by 5/31.
- Student Transportation of America. 225 job cuts by 5/30.
- Kroger Fulfillment Network LLC. 109 job cuts by 5/25.
- Bionano Genomics, INC LLC. 1 job cut by 5/24.
- Seagate. 69 job cuts by 5/20.
- Walgreens. 324 job cuts by 5/17.
- MV Transportation. 219 job cuts by 4/30.
- Anuvu Operations, LLC’s Maritime, Energy and Government business. 135 job cuts by 4/20.
- OBXtek. 57 job cuts by 4/21.
- LATAM Global Security Services. 166 job cuts by 4/14.
- Alto Operations Florida LLC. 121 job cuts by 4/12.
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Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing
Other Economy News Today
A massive retailer now liquidates and shutters its stores for good while also divesting its real estate assets, the company confirmed.
While it has not filed for any type of bankruptcy yet, 99 Cents Only has decided to close down and liquidate its stores.
“The company has entered into an agreement with Hilco Global to, among other things, liquidate all merchandise owned by the company and dispose of certain fixtures, furnishings, and equipment at the company’s stores.”
The sales began on April 5, 2024 and will be carried out at all 371 of the company’s stores, 99 Cents Only shared in a press release.
In addition, Hilco Real Estate will manage the sale of the company’s real estate assets, both owned and leased, in Arizona, California, Nevada, and Texas.
“This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” said interim CEO Mike Simoncic.
“Unfortunately, the last several years have presented significant and lasting challenges in the retail environment, including the unprecedented impact of the COVID-19 pandemic, shifting consumer demand, rising levels of shrink, persistent inflationary pressures and other macroeconomic headwinds, all of which have greatly hindered the company’s ability to operate.”
Simonic has stepped down, and the company has appointed Chris Wells, Managing Director at Alvarez & Marsal, as Chief Restructuring Officer, per TheStreet.
While 371 stores seem like a lot, it’s a tiny amount compared to market leaders Dollar General, which has more than 19,000 locations, and Dollar Tree which has more than 16,000.
Having that many locations gives those discount retailers a massive advantage when it comes to buying.
That has always been an edge for larger chains, but, in the current era of supply chain problems, it has made it very hard for smaller players to compete.
And 99 Cents Only, which operates 371 locations, has a deep history.
“The stores date back to the 1960s when the company’s founder, Dave Gold, inherited a tiny liquor store in downtown Los Angeles and decided to run a test by selling bottles of wine at a fixed price-point of 99 cents.
The test was an instant success. Dave thought selling everything in the store for 99 cents would be hugely popular,” the company shared on its website.
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Also Read: A Giant Company Now Announces Unexpected Layoffs in Virginia
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