A new wave of massive layoffs now hits Wisconsin prior to the holidays according to the latest WARN data.
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.
Yesterday, Transcontinental Packaging officially filed a WARN Act notice with the Wisconsin Department of Workforce Development advising of job cuts, resulting in 90 layoffs.
“We are writing to inform you that there will be a plant closing at the Transcontinental facility located at 501 Williams St in Tomah, Wisconsin. The closing will be permanent. It is expected that the first separation will occur on 1/15/24…approximately 90 employees will be affected,” the company said.
So far in 2023, there has been approximately 5,273 layoffs in Wisconsin across 101 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 Colorado, Illinois, Texas, Washington, New Jersey, Florida, Michigan, and Georgia.
Below is a list of businesses who have announced of upcoming job cuts in Wisconsin this year:
- Premier Staffing Inc. 223 job cuts by 12/23.
- Energizer Manufacturing. 172 job cuts by 12/01.
- Superior Die Set Corp. 133 job cuts on 11/20.
- Strauss Brands & Logistics. 127 job cuts by 12/10.
- Weir Slurry Group, Inc. 115 job cuts by 12/31.
- Process Retail Group, Inc. 66 job cuts by 11/30.
- Dowco, Inc. 53 job cuts by 12/11.
- BMO Bank N.A. 44 job cuts by 12/31.
Also Read: A US Company Now Declares An Unexpected Bankruptcy
Other Economy News Today
An essential retailer now faces an unexpected bankruptcy deadline after hiring A&G Real Estate to sell some of its leases.
When Rite Aid filed for Chapter 11 protection, the chain cited unprofitable stores as one of the biggest hits on its profitability.
“As the company’s restructuring process moves forward in the weeks ahead, A&G will market additional leases, with the total number depending on the outcome of ongoing negotiations between A&G and Rite Aid landlords,” the company said.
“The quickly moving plan centers on exiting certain locations to ensure optimal performance of Rite Aid’s real estate footprint.”
Rite Aid Chief Executive Jeffrey Stein said in court documents that Rite Aid had $80 million in “dead rent” costs annually that it could not shed without Chapter 11 protection.
“Those stores challenge the company’s earnings profile, turnaround initiatives, and free cash flow,” he said.
The company has been working on shedding those leases and it now faces hearings on Feb. 29 and March 1 during which U.S. Bankruptcy Judge Michael Kaplan in New Jersey will decide its fate, reports TheStreet.
In addition to selling leases, Rite Aid has been taking bids for its Elixir pharmacy benefits and discount program, while also negotiating with lenders over its $4 billion in debt.
The company has pushed the court to act faster while its unsecured lenders want the process extended so they have more time to see how they will be treated, Law 360 reported.
Rite Aid has set Dec. 14 as the bidding deadline for Elixir and the other assets it plans to sell to raise cash.
Also Read: Massive Bank Branches in California Now Unexpectedly Close For 2024
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