A Surprising Company in Florida Now Announces Closures and Layoffs

July 18, 2024

Updated on July 19, 2024

A surprising company in Florida now announces closures and layoffs per a WARN notice filed with the state’s Department of Economic Opportunity.

It’s important to note that under the Worker Adjustment and Retraining Notification (WARN) Act, companies are required to file an advance notice when planning to lay off 50 or more employees, ensuring state and local assistance can be provided to those affected.

The latest company to advise of upcoming layoffs in Florida is New York Sports Club.

New York Sports Club has filed a WARN notice with the Florida Department of Economic Opportunity advising of three closures.

As a result, a total of 108 employees will be laid off.

The affected gyms, formerly known as Around the Clock Fitness, are located at:

9375 Six Mile Cypress Parkway, Fort Myers
1755 Boy Scout Drive, Fort Myers
1140 Ceitus Terrace, Cape Coral.

The closures will take effect on August 31, marking the final day of operations for these locations.

This move will unfortunately leave the fitness chain without any remaining locations in the state of Florida.

At one time, NYSC was one of the brands under Town Sports International, which filed for bankruptcy in September 2020 when it was a public company.

The company emerged in December 2020 as a private company bought out of bankruptcy by investors.

Under Town Sports International, the company also faced lawsuits from the New York Attorney General and the Washington, DC, Attorney General during the COVID-19 pandemic for allegedly continuing to charge dues when its clubs were mandated to temporarily close due to the pandemic.

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Also Read: Retirees Will Now Receive More Money For Social Security

Other Economy News Today

Applications for unemployment benefits now surge to new highs, a sign that the white-hot labor market is starting to cool off.

First-time applications for unemployment benefits rose last week to 231,000, the highest level since August, per CNN.

Thursday’s data also showed that the number of continuing claims, or applications from people who have filed for unemployment for at least one week, was 1.78 million.

That’s an increase of 17,000 from the prior week, according to the Bureau of Labor Statistics.

The latest numbers come less than a week after the monthly jobs report showed the US economy added just 175,000 positions in April, less than economists expected and a steep drop-off from prior months.

US employers have now added an average of 245,500 jobs per month, versus 2023’s 251,000-per-month average.

Still, hiring remains strong. Although the unemployment rate ticked up to 3.9% last month, it’s the 27th consecutive month that the jobless rate has held under 4%, matching a streak last seen in the late 1960s.

Weekly jobless claims data tends to be volatile but, while one week’s worth of data “does not a trend make,” said Chris Rupkey, chief economist at Fwdbonds.

“We can no longer be sure that calm seas lie ahead for the US economy if today’s weekly jobless claims are any indication.”

“Company layoffs are picking up, hinting at caution on the part of companies as they weigh the outlook for the second half of the year,” he wrote in a note Thursday.

The Federal Reserve has been battling inflation by raising its key lending rate in the hopes of slowing the economy.

While the labor market has so far resisted those efforts, remaining white hot for the past 18 months despite 11 rate hikes from the central bank, Fed Chair Jerome Powell said last week that demand has “cooled from its extremely high level of a couple of years ago.”

Ian Shepherdson at Pantheon Economics said in a note Thursday: “We’d need to see at least a month of elevated readings to convince us that the trend really has turned.”

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Also Read: A Giant Company Now Announces Unexpected Layoffs in Virginia

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