A massive US company now announces layoffs in North Carolina adding to the job crisis which is already impacting many prior to the holidays.
Advance Auto Parts has advised they plan to cut 400 jobs across their business including in their Raleigh headquarters.
The company released the following statement:
“As part of our ongoing strategic and operational review of the business, we have identified opportunities to streamline efforts, improve efficiency and significantly reduce costs within our organization.
As a result, we have made the difficult decision to eliminate approximately 400 positions across our organization, including positions based at our Raleigh headquarters, corporate roles based outside of North Carolina, field based positions located outside of Raleigh and positions at our office in Hyderabad, India.
The decision to eliminate even a single role is extremely difficult and we are committed to treating affected individuals with compassion and care by offering transition assistance to those impacted.
The actions we are taking will enable us to support a narrowed list of priorities that are focused on the fundamentals of serving our customers and frontline teams.
We remain confident that our industry is strong and that the opportunity for Advance to succeed on the road ahead is significant.”
The company employs over 700 people at its corporate headquarters, but have not advised how many local jobs will be cut.
So far in 2023, 98 layoff notices have been filed in North Carolina, resulting in almost 9,000 workers losing their jobs.
Across 2022, just 40 businesses filed a notice, resulting in 4,104 employee layoffs, reports Ash Jurberg.
However, California remains the #1 state with the most layoffs in the country.
Other Economy News Today
Two massive retailers are now making a major comeback after filing for bankruptcy and going through the liquidation process.
BuyBuy Baby got dragged into Chapter 7 bankruptcy liquidation by its parent, Bed Bath & Beyond.
But unlike the main brand its assets were not acquired by the former Overstock.com.
Instead, the baby brand was purchased by one of its vendors, Dream on Me.
“Dream on Me, which recently bought BuyBuy Baby’s brand and digital assets for $15.5 million, was the successful bidder for 11 store leases at a bankruptcy auction for about $1.17 million, court records filed last week show,” Retail Dive reported.
The BuyBuy Baby e-commerce site and stores have been liquidated and closed due to bankruptcy.
But BuyBuy Baby is now under new ownership and is working on relaunching an elevated online and in-store experience soon,” the company said.
“With its website having already started selling, the new owner will reopen 11 brick-and-mortar stores on Nov. 18,” reports TheStreet.
Dream on Me has not said whether it plans to increase the number of physical BuyBuy Baby stores going forward.
Circuit City is another bankrupt company that had gone through liquidation and is now making a comeback.
“‘Powered by Circuit City’ brings a store-in-store concept to our partners, both online and in-store. Our first pilot recently launched with JCPenney.
We are powering their online sales for consumer electronics and have in-store placements in 288 select locations,” the company said in an email to TheStreet.
The new Circuit City plans to add new partners in 2024 and expand its digital and brick-and-mortar operations, says TheStreet.
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