A Giant Company Now Announces Unexpected Layoffs in Virginia

A giant company now announces unexpected layoffs in Virginia, marking the second round of cuts made in the state this year.

UPS has filed a WARN notice with the Virginia Employment Commission advising that a total of 153 employees will now be laid off in Virginia.

It’s important to note that 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.

The UPS facility in Roanoke, Virginia, will be closing in June.

The night sortation shift at UPS’ Mechanicsville, Virginia, facility closed in February, spokesperson Jim Mayer said confirmed in an email at the time.

Additionally, the day sort at the company’s Warwick, Rhode Island, facility closed on April 2nd and its Maspeth, New York, night sort will shutter on May 10.

“We often evaluate our operations and flex our network to meet volume demands,” Mayer said.

“This allows us to continue delivering industry-leading service while also maintaining competitive prices.”

Earlier this year, UPS announced plans to cut 12,000 staff across the U.S., which could save the company $1 billion in 2024, per Business Insider.

Layoffs in Virginia 2024.
Layoffs in Virginia 2024.

Other businesses who’ve warned of upcoming layoffs in Virginia this year include:

  • Evergreen Enterprises of VA, LLC. 107 job cuts by 5/3.
  • IAC Strasburg, LLC. 135 job cuts by 4/26.
  • Moog Industrial Group. 156 job cuts by 5/10.
  • Sodexo. 108 job cuts by 4/14.
  • GALA Group North America, Inc. 60 job cuts by 4/6.

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Market News Today - A Giant Company Now Announces Unexpected Layoffs in Virginia.
Market News Today – A Giant Company Now Announces Unexpected Layoffs in Virginia.

A massive discount retailer is now closing all 371 stores and wind down its business operations after more than four decades.

99 Cents Only Stores will close all of 371 stores according to the City of Commerce discount chain.

“This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” interim Chief Executive Mike Simoncic said in a statement.

“Unfortunately, the last several years have presented significant and lasting challenges in the retail environment.”

He cited multiple factors, including the “unprecedented impact” of the COVID-19 pandemic, shifting consumer demand, persistent inflationary pressures and rising levels of shrink — an industry term that refers to loss of inventory attributed to reasons such as shoplifting, employee theft and administrative errors.

Combined, those issues “have greatly hindered the company’s ability to operate,” Simoncic said.

99 Cents Only has stores in California, Arizona, Nevada and Texas and has about 14,000 employees. The privately held company said it had reached an agreement with Hilco Global to liquidate all of its merchandise and dispose of fixtures, furnishings and equipment at its stores. Sales are expected to begin Friday.

Hilco Real Estate is managing the sale of the company’s real estate assets, which are owned or leased, reports The LA Times.

The announcement by 99 Cents Only reflects a larger weakness in the dollar-store category, said Brad Thomas, equity research analyst at KeyBanc Capital Markets.

Dollar Tree, a Chesapeake, Va.-based retailer, announced last month that it was closing 600 of its Family Dollar stores this year and an additional 370 in the next few years, he noted.

“It’s been trying times for many, many retailers,” he said.

“What’s interesting is that what started out as a boon to retailers in the pandemic, with all those stimulus checks, quickly turned into a very troublesome time.”

Rising wages, inflation and higher losses due to shrinkage have reduced profits for retailers in a deep-discount sector where margins are already extremely low.

99 Cents Only, with its large base of California stores, has been under particular wage pressure, he said.

And it’s at a disadvantage compared with larger chains such as market leader Dollar General, which has a store count close to 20,000 — “a sales base and a store base that is multiple times larger than 99 Cents,” Thomas said.

Last week, Bloomberg reported that 99 Cents Only was considering a bankruptcy filing as it contended with a liquidity shortfall.

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Also Read: Four Massive Companies Are Now Laying Off in South Carolina

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Market News Today - A Giant Company Now Announces Unexpected Layoffs in Virginia.
Market News Today – A Giant Company Now Announces Unexpected Layoffs in Virginia.

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5 Comments

  1. True American

    Thanks Youngkin.

  2. C Sense

    I agree Ed B about Youngkin’s pic. However, do we really expect any less from the bang up job “journalists” have done in the last decade or more?

    That averages out to about $84K per person at UPS so NO ONE in HIGHER LEVEL MANAGEMENT was terminated. Companies always release the lower tier on matter the level of competency of the upper tiers. I am quite sure that those “savings” will ensure someone’s annual bonuses. 🤔

  3. Ed B

    Amazing how it’s Youngkin’s picture used when he had nothing to do with this. Seems a narrative is being pushed and shows a left wing bias.

  4. Frank Nez

    Leave your thoughts below.

  5. Frank Nez

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