A massive company in Wisconsin now advises of layoffs as it prepares to permanently close its second facility in the state.
Energizer has officially announced the permanent closure of a second facility in Wisconsin.
The facility is located at 2851 Portage Road, Portage, Wisconsin.
This closure will affect all 135 employees currently working at the plant, as confirmed in a recent notice compliant with the Worker Adjustment and Retraining Notification (WARN) Act and the Wisconsin Business Closing and Mass Layoff Laws.
Energizer also announced last October that it would be closing a manufacturing plant in Fenmore, Wisconsin, and laying off all 172 employees from its prime battery manufacturing operations.
The first wave of employee separations is scheduled to begin on March 5, 2024, with additional layoffs expected in the following months.
The plant is set to cease operations permanently by December 2024.
“A list of the job titles of the affected positions and the number of affected employees in each job classification will be maintained on site at the Portage facility and is available for your inspection.
Employees who are not members of the bargaining unit do not have bumping rights, that is, those employees will not be able to displace more junior employees out of their job positions as a result of this closure,” said a company email.
Also Read: A US Company Now Declares An Unexpected Bankruptcy
Other Economy News Today
A designer retailer now announces an unexpected 10% layoff of its corporate staff, part of a new restructuring plan to save millions.
Rent the Runway says the move is part of a plan that will result in $11 million to $13 million in annualized run rate cash savings.
The 10% layoff accounts for 37 of the company’s corporate roles, the company disclosed in a Form 8-K filed with the Securities and Exchange Commission on Monday.
The designer rental service’s Chief Operating Officer and President Anushka Salinas resigned effective Jan. 31 “in light of the Restructuring Plan,” and will stay with the company in an advisory role until Feb. 29.
Rent the Runway CEO Jennifer Hyman was appointed president and designated the company’s principal operating officer.
The restructuring plan also excludes the potential hiring of new employees or other additions to the company’s costs and expenses.
The move was designed to “focus its workforce and cost structure” toward growth and its profitability goals based on its anticipated budget for its 2024 fiscal year, according to the filing.
A Rent the Runway spokesperson said the company’s new structure is intended to help the business achieve free cash flow and breakeven in its 2024 fiscal year.
Rent the Runway expects to incur $3 million to $4 million in charges due to the plan in the fourth quarter of its fiscal year, per the filing.
Of these charges, $2 million to $3 million will come from employee severance and related costs. About $1 million of the charges are expected to include a non-cash impairment charge of company assets.
“The company has worked over the past several years to shore up critical aspects of the customer journey to propel growth in 2024 and beyond, and is now focused on investing more into areas of the business that reignite the growth funnel, including marketing, consumer product, customer experience and more, enabling RTR to capture more of the large and growing rental subscription market,” the spokesperson said in an email to sister publication Fashion Dive.
Also Read: Wells Fargo is Now Freezing Bank Accounts in New Scandal
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.
Leave your thoughts below.
For more news and updates like this, opt-in for push notifications.