A New Round of Unexpected Layoffs Now Hits Texas

A new round of unexpected layoffs now hits Texas as more businesses file WARN notices advising of upcoming job cuts.

Online retail company Custom Ink just announced that it plans to close a Dallas area plant and lay off a whopping 256 employees early next year.

Custom Ink originally filed the notice with the Texas Workforce Commission advising of the layoffs.

This is the company’s latest move to ‘streamline’ costs about 11 months after it closed two other U.S. plants as part of a larger companywide consolidation.

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.

So far in 2023, there has been approximately 23,231 layoffs in Texas across 219 businesses according to the latest WARN data.

California remains the #1 state with the most layoffs in the country.

In second place is New York followed by TexasWashington, New Jersey, FloridaMichigan, and Georgia.

Layoffs in Texas 2023.
Layoffs in Texas 2023.

Below is a list of upcoming layoffs in Texas:

  • MV- Transportation Austin (South Yard). 778 job cuts by 12/31.
  • Vmware Inc. River Place. 577 job cuts by 1/26/2024.
  • MV-Transportation Austin (North Yard). 400 job cuts by 12/31.
  • Southwestern Health Resources. 288 job cuts by 12/31.

Also Read: Massive Layoffs in California Now Underway Prior to Holidays

Other Economy News Today

Market News Today - A New Round of Unexpected Layoffs Now Hits Texas.
Market News Today – A New Round of Unexpected Layoffs Now Hits Texas.

A popular electric company now announces an unexpected bankruptcy leading to the sale of its assets after failing to recover from the pandemic.

The electric scooter company Bird, once valued at $2.5 billion by investors, filed for Chapter 11 bankruptcy protection in Florida federal court Wednesday, reports CNBC.

The company has entered into a “stalking horse” agreement, which sets a floor for Bird’s value, with its existing lenders, according to a release.

Bird said it will use the bankruptcy proceeding to facilitate a sale of its assets, which it expects to complete within the next 90 to 120 days.

The company’s electric scooters are “touted as an environmentally friendly alternative to driving and other forms of public transit.

They exploded in popularity before the onset of the Covid-19 pandemic, and the company raised more than $275 million in 2019, which pushed its valuation to $2.5 billion,” reports CNBC.

“But after customers stopped riding as they were forced into lockdown in 2020, Bird struggled to recover.

The company went public via a merger with a special purpose acquisition company in 2021, but its share price tumbled.”

Bird’s bankruptcy proceedings come after the New York Stock Exchange delisted the company in September.

Bird failed to comply with the exchange’s requirements after it was unable to keep its market capitalization above $15 million for 30 consecutive days.

The company’s shares began trading on the over-the-counter exchange later that month.

As of today, the stock is under $0.08.

Bird Canada and Bird Europe are not part of the company’s Wednesday filing and will “continue to operate as normal,” according to the release.

This is a developing story.

Also Read: A US Company Now Declares An Unexpected Bankruptcy

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Market News Today - A New Round of Unexpected Layoffs Now Hits Texas.
Market News Today – A New Round of Unexpected Layoffs Now Hits Texas.

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