An unexpected wave of new layoffs now hits Washington as more businesses file WARN notices advising of upcoming job cuts.
Online travel agency Expedia is cutting a whopping 1,500 employees, equal to 9% of its total workforce, with a total of 208 employees losing their jobs in Seattle.
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.
These must be filed with the Washington Employment Security Department.
Expedia filed a notice this week advising of the layoffs.
“Given the recent completion of many significant technical milestones in Expedia Group’s transformation, the business continues to evaluate the appropriate allocation of resources to ensure the most important work continues to be prioritized,” said a spokesperson for Expedia.
However, the travel company is only one of many other businesses laying off in Washington.
Below is a list of companies that have advised of upcoming layoffs in Washington:
- Expedia. 208 job cuts by 5/1.
- Del Monte Foods, Inc. 127 job cuts by 4/26.
- Output Services Group, Inc. 76 job cuts by 4/19.
- Lost Boys Interactive, LLC. 7 job cuts by 3/15.
- WestRock. 87 job cuts by 3/18.
- Northwest Motorsport, LLC. 142 job cuts by 3/24.
- Block. 43 job cuts by 3/30.
- Thermoforming Systems, LLC. 66 job cuts by 3/31.
- Penske Logistics. 125 job cuts by 3/31.
- Sonoco Products Co. 34 job cuts by 3/01.
- RaterLabs. 3,657 job cuts by 4/06.
- Skagit Horticulture, LLC. 169 job cuts by 4/07.
- Appen AI, Inc. 2 job cuts by 4/08.
- Roy Farms, SPC. 29 job cuts by 4/15.
So far for 2024, there has been 5,659 job cuts in Washington across 19 businesses according to the latest WARN data.
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Other Economy News Today
A giant Amazon seller now declares an unexpected bankruptcy, part of a restructuring agreement with lenders to slash its debt.
Walpole, Massachusetts-based Thrasio is asking the court to oversee a restructuring agreement with lenders, which will allow it to cut about $495 million in debt and defer its interest payments for a year after it exists bankruptcy.
The third-party seller for Amazon filed for Chapter 11 bankruptcy protection in a New Jersey court on Wednesday, reports ABC News.
Thrasio is what is known as an Amazon aggregator, companies that buy other, smaller Amazon sellers, the independent businesses responsible for the majority of sales on the dominant e-commerce platform.
Aggregators raised large sums from investors seeking to cash in from Amazon sellers as online sales boomed during the COVID-19 pandemic.
But that growth slowed as the pandemic eased and shoppers began to purchase more items in person, or shifted their spending toward other things, like traveling and dining.
Last year, another Amazon aggregator, Benitago, filed for bankruptcy.
In its filing, Thrasio said it has received commitments of up to $90 million in new financing from lenders.
The company is listing up to $10 billion in assets and up to $1 billion in liabilities.
“Thrasio is one of the largest third-party sellers on the Amazon marketplace, and with a strengthened balance sheet and new capital, we will be better equipped to support our brands, scale our infrastructure and enable future opportunities,” CEO Greg Greeley said in a statement.
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