A massive company now announces its second round of layoffs this year with employees fearing a third round before the year ends.
“Accounting giant Grant Thornton, which has its global headquarters in Chicago, Illinois, has announced its second wave of layoffs for 2023,” reports Ash Jurberg.
“The company, the seventh largest accounting network in the world by combined fee income, will be cutting 200 staff.
In May, 300 staff were laid off, meaning 6% of its total workforce in the United States has been laid off this year.”
The company announced the following statement:
“The staffing changes reflect pockets of underutilization in limited business segments, and specialty areas that the firm is exiting due to market trends. We continue to invest in higher-growth areas of the business to even better serve our clients,” said Grant Thornton.
Interestingly enough, the firm recently announced record revenue.
“The layoffs sent shock waves throughout the firm since it had just announced record revenues for the fiscal year ending July 31 of $2.4 billion after the firm’s round of cuts,” says Fox Business.
Some employees told Fox Business they believe the company is preparing for significantly tougher times ahead after the Fed announced it will continue to keep monetary policy tight to combat inflation for the foreseeable future.
“Many economists are predicting a recession in 2024.”
People at Grant Thornton who spoke to Fox Business said the cuts are more ominous and signal management’s fear that a recession isn’t just possible but a likelihood.
Employees also told Fox Business that they expect another round of layoffs before year’s end.
Other Economy News Today
A massive retailer is now closing several chains in Washington after filing for bankruptcy last month.
“Rite Aid operates over 2,330 stores in 17 U.S. states, but this number is declining,” reports Ash Jurberg.
“The chain recently closed a raft of stores; according to the bankruptcy filing, it shut 210 locations nationwide between September 2022 and September 2023.
Rite Aid, which acquired Seattle-based chain Bartell Drugs in 2020, has already closed five Bartell Drugs stores over the last year.”
As part of their initial bankruptcy filing, Rite Aid announced that 154 locations nationwide, including eleven in Washington, will soon close.
Now, they have added another 25 to the list, including three in Washington.
Customers will have prescriptions moved to nearby stores, while employees can transfer to other Rite Aid locations.
Below is a list of Rite Aid stores closing in Washington:
- Seattle: 9600 15th Avenue SW
- Lynnwood: 2518 196th Street SW
- Bellevue: 3620 Factoria Boulevard SE
- Bellevue: 11919 NE 8th Street
- Redmond: 7370 170th Avenue NE
- Graham: 22201 Meridian Avenue E
- Renton: 601 South Grady Way, Suite P
- Mill Creek: 3202 132nd Street Southeast
- Burien: 110 SW 148th Street
- Everett: 10103 Evergreen Way
- Lacey: 8230 Martin Way East
- Seattle: 1101 Madison Street (Seattle)
- Kirkland: 312 Central Way #101
- Kent Lake Meridian: 12946 Southeast Kent Kangley Road
Pharmacy competitor CVS is also planning to close a whopping 300 retail stores this year.
This year, CVS has closed locations in Brookfield, Illinois; Des Moines, Iowa; Tallahassee, Florida; Kansas City, Missouri; Queens, New York; Houston, Texas; and Fairfax, Virginia.
Ever since the pandemic, several pharmacy chains have felt big hits in sales.
CVS in late 2021 said it would close roughly 300 stores per year until 2024.
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