A Major Grocery Store in Texas Now Makes Unexpected Closure
A major grocery store in Texas now makes an unexpected closure, resulting in filing a WARN notice advising of upcoming layoffs.
The Tom Thumb grocery store located at 4000 William D. Tate Ave. in Grapevine is set to permanently close by the end of February.
And unfortunately for the grocery stores employees, they are all scheduled to be laid off.
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.
These must be filed with the Texas Workforce Commission.
A notice was filed last week advising that a total of 71 staff at the store will lose their jobs on February 17.
The choice to close the store was influenced by the timing of its lease renewal and the presence of other nearby stores under the same corporate umbrella, according to the company.
The company also said that it remains committed to the North Texas market.
In fall of 2022, Kroger announced plans to acquire Albertsons for a whopping $24.6 billion.
If approved, the merger could mean divesting 30 Texas grocery stores.
Last year, 224 companies filed WARN notices, resulting in over 24,000 people in Texas losing their jobs.
However, the Federal Reserve Bank of Dallas says, “WARN layoffs account for only 2.2 percent of the total Texas layoffs reported by the Bureau of Labor Statistics Job Openings and Labor Turnover Survey.”
According to the survey, about 155,000 workers per month were laid off in Texas.
Experts weigh in stating layoffs may continue this year.
A recent survey of 906 business leaders nationwide by ResumeBuilder found that 38% expect layoffs to continue in 2024.
For more news and updates like this, opt-in for push notifications.
Also Read: SNAP Benefits Will Now Increase For The Year 2024
Other Economy News Today
A massive retailer is now closing stores inside Target, part of a plan to reduce its density after already shuttering several locations.
CVS said this week that it plans to close some pharmacies that are located inside Target stores.
The pharmacy closures will begin in February and be completed by the end of April, a CVS spokesperson confirmed to Retail Dive.
The closures are part of CVS’ plan to realign its national retail footprint and reduce store and pharmacy density.
Employees affected by the Target store-in-store closures will be offered comparable roles within the company.
Unfortunately, CVS declined to identify the locations slated for closure.
However, the pharmacy retailer did state that it has about 1,800 locations inside Target stores.
Prescriptions at closing locations will be transferred to a nearby CVS Pharmacy, the company said.
CVS acquired Target’s pharmacy business in 2015.
The deal was worth a whopping $1.9 billion, The Wall Street Journal reported.
The partnership was “a significant shift” in Target’s business model, CEO Brian Cornell said in a blog post at that time.
Rather than invest its own resources into in-store healthcare, the company instead chose to rely on “an expert partner” which gave Target the bandwidth to focus on growing its overall wellness business, the company said.
“The closures are part of our plan to realign our national retail footprint and reduce store and pharmacy density and are based on our evaluation of changes in population, consumer buying patterns and future health needs to ensure we have the right pharmacy format in the right locations for patients,” CVS spokesperson Amy Thibault said in an email.
This is a developing story — for more news and updates like this, opt-in for push notifications.
Also Read: A US Company Now Declares 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.
Scroll below to view my stock purchases this month!
You can also follow me on X (Twitter), Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.
Frank Nez’s Stock Portfolio
Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?
Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.
11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.
Recommended For You ✨
Leave a Reply
You must be logged in to post a comment.
Leave your thoughts below.
For more news and updates like this, opt-in for push notifications.