A new wave of massive layoffs hits Louisiana as a big company announces the termination of 1,200 employees.
Lumen Technologies, which is headquartered in Monroe, Louisiana, will lay off 4% of its workforce, equating to approximately 1,200 employees.
The telecommunications company offers communications, network services, security, cloud solutions, voice, and managed services and was founded in Louisiana in 1930.
A corporate filing made by the company states that it expects to pay severance and related costs in the range of $55 to $65 million.
The company’s debt has grown to nearly $20 billion and says it’s latest wave of layoffs is meant to downsize its expenses.
“We’ve made the difficult decision to reshape and resize Lumen for growth,” said Kate Johnson, CEO of Lumen Technologies.
No date of the upcoming layoffs in the Louisiana company has been made public yet.
So far in 2023, Louisiana has laid off 1,373 employees across 19 companies.
California remains the #1 state with the most layoffs in the country.
In second place is Colorado, followed by Illinois, Texas, Washington, New York, New Jersey, Florida, Michigan, and Georgia.
Below is a list of recent layoffs in Louisiana this year:
- Aramark. 191 job cuts in 10/31.
- AMETEK. 44 job cuts in 10/2.
- Teijin Automotive Technologies. 79 job cuts in 9/19.
- AMETEK. 18 job cuts by 11/15 and 12/15.
Also Read: A US Company Now Declares An Unexpected Bankruptcy
Other Economy News Today
Florida now has massive departures as residents leave the state according to the latest data from the U.S. Census Bureau.
Nearly 23,000 people per month departed from Florida in 2022, which is a whopping 275,666.
According to the Census, the most relocated places were Georgia (46,884), North Carolina (42,301), Tennessee (36,200), South Carolina (31,456) and Texas (29,975).
One of the biggest reasons for the Florida exodus, at least according to former residents, is primarily due to the state’s increasingly high insurance.
Joan Keenan is a retired Illinois teacher who moved to Florida two years ago with her husband, who retired from fire service, to live their “retirement dream.”
But “the insurance in Florida is a nightmare,” she told Newsweek.
“Due to the insurance rates going up, we have a different financial dream these days,” Keenan said.
“We live in a small one-bedroom condominium (890 sq. feet) on the intercoastal waterways of Treasure Island,” she added.
“Since we moved here our Association fees have gone from $446.00 dollars a month to $656.00.”
Linda—who preferred to kept her last name anonymous—was born and raised in Brooklyn, moved from New Jersey to Florida in 1983 and thought she had “died and gone to heaven.”
But in August this year, Linda sold her house in Palm Beach County and moved to Pennsylvania, after getting tired of her homeowner’s insurance “not being renewed and being moved to Citizens, not to mention the price increases every year.”
This, in addition to “the worry about the ever-increasing threat of more devastating hurricanes every year, got to be too much.”
“Politics, in Florida, also added to my desire to get out,” Linda said.
Also Read: California Now Has Massive Departures As Hundreds of Thousands Leave
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