A Massive Texas Institution Is Now Making Painful Layoffs

A massive Texas institution is now making painful layoffs in order to ‘comply with state law’ while redirecting its funding.

The University of Texas at Austin is eliminating an unknown number of diversity, equity and inclusion staff positions and closing its department focused on access and belonging on campus, university President Jay Hartzell said in a letter addressed to the campus community and sent to CNN on Tuesday.

The staffing cuts come as the university works to comply with the state’s anti-DEI law, or SB17, that bans public colleges and universities from maintaining DEI offices, holding mandatory DEI training, and having departments focused on “promoting differential treatment” based on race, sex or ethnicity.

Hartzell said in the letter that the university is redirecting funds from DEI initiatives to “teaching and research.”

“As part of this reallocation, associate or assistant deans who were formerly focused on DEI will return to their full-time faculty positions,” Hartzell said.

“The positions that provided support for those associate and assistant deans and a small number of staff roles across campus that were formerly focused on DEI will no longer be funded.”

Hartzell said staff members who lose their jobs will have an opportunity to apply for other open positions at UT Austin.

Brian Davis, a university spokesman, declined to provide the number of jobs that are being eliminated.

Davis told CNN in an email that the university would not comment beyond Hartzell’s letter.

The office closure and job cuts come after several cultural programs, identity groups and events on campus lost all university funding earlier this year.

Student leaders tell CNN they have been scrambling to raise money so their programs can stay afloat.

One student said Tuesday she was saddened by the news of staff jobs being cut. Aaliyah Barlow, president of the university’s Black Student Alliance, said she feels discouraged by the disinvestment in DEI-related jobs and programs.

“Me personally, I cried,” Barlow said.

“The fact that I am going to come back here next year and all the staff members I know and all the programs I value are just going to be gone, it’s very disheartening. I feel like my college experience is ruined.”

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Market News Today - A Massive Texas Institution Is Now Making Painful Layoffs.
Market News Today – A Massive Texas Institution Is Now Making Painful Layoffs.

A massive mall retailer is now discussing bankruptcy with its lenders after its debt ballooned to a whopping $274 million.

Popular mall retailer Express  has been talking to lenders about raising the cash it would need for a Chapter 11 bankruptcy, according to a report from Bloomberg.

The company could file for bankruptcy as soon as next week, but no final decision has been made, reports TheStreet.

At the close of its third quarter, the retailer had cash and cash equivalents of $34.6 million and $274 million in debt.

That was a $40 million increase in debt over a year.

Despite the company’s cash position and debt, Rapid Ratings, which tracks the financial health of public companies, sees Express as being in a relatively good position.

“Express Inc. demonstrates adequate performance in leverage and earnings performance but some weakness in liquidity.

Although mixed, this performance is sufficient for the company to be assigned a Low-Risk rating,” the website reported.

However, the rating service did issue a warning.

“This period includes an abnormal item.

When the rating for this period is simulated with the abnormal item excluded, the company’s health is significantly worse suggesting the line item is having a meaningful effect on the rating for this period,” according to the service.

Express leadership issued the expected comments on its future in the news release on being delisted by the NYSE.

“Over the past several months, we have taken decisive steps to position Express for the long term, including implementing a series of cost-saving initiatives and streamlining our process to enhance operational efficiency,” Chief Executive Stewart Glendinning said.

“We remain focused on continuing to serve our customers and positioning our organization for the future.”

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Also Read: Famous Retailer Is Now Laying Off 614 People in California

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Market News Today - A Massive Texas Institution Is Now Making Painful Layoffs.
Market News Today – A Massive Texas Institution Is Now Making Painful Layoffs.

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