A surprising mall retailer is now laying off 100 workers after the company announced a permanent closure this coming August.
On August 18, The Cheesecake Factory at the Chesterfield Mall will permanently close.
According to the company, the closure will impact a total of 101 employees.
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.
Earlier this month, fixtures and furniture were among the items liquidated during a sale.
The Staenberg Group, which owns the mall, plans to start construction on a new development after the site is demolished sometime in 2025.
The $2 billion mixed-use development will span 117 acres and include more than 45 million square feet of retail space, reports First Alert 4.
However, The Cheesecake Factory isn’t the only company who has recently announced of upcoming layoffs in Missouri.
Below is a list of other businesses laying off in Missouri soon:
- Regency Enterprises Services filed a notice advising that 183 staff in St.Louis will be laid off on August 31.
- Oregon Tool filed a notice with the Missouri Office of Workforce Development advising that it was closing a facility in Kansas City on August 2, leading to the layoff of 80 employees.
- Cherokee Nation Federal Consulting filed a notice with the Missouri Office of Workforce Development advising that it was laying off 187 staff in Kansas City on June 30.
- Food delivery business Yelloh, the iconic company formerly known as Schwan’s Home Delivery, announced the permanent closure of five of its facilities within the state.
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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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