A massive company now announces layoffs in Massachusetts after resulting in nearly 3,000 job cuts nationwide after being acquired last month.
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.
Tech giant Broadcom is closing an office in Boston, Massachusetts, resulting in the layoff of 150 employees, reports Ash Jurberg.
Broadcom closed its $69 billion acquisition of VMware on November 22 and has announced layoffs of almost 3000 VMware staff across the United States.
Employees learned last week that their positions would be eliminated due to the company being acquired by Broadcom.
Broadcom filed a notice with the MassHire Department of Career Services advising that as a result of the closing of the VMware office at 2 Avenue de Lafayette (the Lafayette City Center) where 150 staff of will be laid off.
The company sent out the following email:
“Broadcom recently completed its acquisition of VMware.
As part of integration planning and following an organizational needs assessment, we identified go-forward roles that will be required within the combined company.
We regret to inform you that your position is being eliminated, and your employment will be terminated.
We would like to thank you for your dedication and service. [Furthermore] We want to make this transition as smooth as possible, including offering you a generous severance package and providing you a non-working paid notice period.”
The companies listed below have also recently laid off employees in Massachusetts:
- Thriveworks Adminstrative Services, LLC. 74 job cuts as of 11/30.
- 2seventy bio, Inc. 145 job cuts as of 11/17.
- Matheson Flight Extenders, Inc. 305 job cuts as of 10/30.
- Apellis Pharmaceuticals, Inc. 175 job cuts as of 10/30.
Other Economy News Today
A popular retailer is now at high risk for bankruptcy according to new data compiled from CreditSafe.
“Stein Mart’s DBT was 105 as of October 2023.
This means any company providing services/goods to the retailer would have to wait over three months past payment terms before they would receive their first payment,” CreditSafe shared in its Financial & Bankruptcy Outlook Retail Report.
“Stein Mart’s owner could be headed for bankruptcy,” the report stated, noting that in March, REV “hired restructuring lawyers, signaling bankruptcy could once again be on the horizon.”
REV has built its business on buying once-popular retail brands and reviving them as online-only stores.
The company now owns Pier 1, Stein Mart, RadioShack, DressBarn, Linens ‘n Things, Modell’s, and a handful of lesser-known names, reports TheStreet.
DBT refers to the number of days it typically takes to pay invoices beyond payment terms.
“Stein Mart has had considerable trouble paying its bills on time. In fact, all its outstanding bills for the last six months (May through October) were delinquent (91+ days). And June was the worst month, with the value of its delinquent bills increasing by 191.66%.”
The risk-measuring firm’s second metric, “risk score,” uses a scale of 1 to 100 to predict the likelihood that a company’s payment performance will become seriously delinquent (91+ days beyond terms) or that the company will go bankrupt within the next 12 months.
“Based on a Wall Street Journal Report, in March 2023, Stein Mart’s parent company Retail Ecommerce Ventures was exploring options to get out of the financial trouble they’re in, including a potential Chapter 11 bankruptcy,” said Ragini Bhalla, head of brand and spokesperson for Creditsafe.
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