Another business now announces unexpected layoffs in Kentucky as it files a WARN notice advising of upcoming job cuts.
GUESS?, Inc. has warned that 200 employees will lose their job by May 6th, with some having the opportunity to get employed at another facility.
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.
The notice must be filed with the Kentucky Career Center and Guess? Inc. just filed one this week.
“GUESS?, Inc. is permanently closing its entire distribution center operations at its facility located at 10610 Freeport Drive, Louisville, KY 40258,” the company said in a statement.
“GUESS?, Inc. will be selling assets of the facility to another company that will operate the distribution center.
Employment separations from GUESS are presently expected to begin on or about May 6, 2024.
Approximately 200 employees will be separated from their employment with GUESS?, Inc., although it is possible that some of the affected employees may have employment opportunities with the facility buyer.”
This is the second warehouse in Kentucky to close down recently.
Wolverine World Wide, the footwear company behind brands like Saucony and Sperry, is permanently shuttering its distribution facility in Louisville, Kentucky, resulting in approximately 150 layoffs.
A Worker Adjustment and Retraining Notification (WARN) notice was filed with the Kentucky Career Center advising that 150 employees working there will be laid off commencing May 3.
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Also Read: Beloved Retailer With 850 Stores Will Now File Bankruptcy
Other Economy News Today
This famous fitness company now files for bankruptcy after fading demand and shifts in consumer behavior, sources report.
The at-home fitness company BowFlex filed for Chapter 11 bankruptcy protection, on Tuesday.
BowFlex has identified a bidder in Johnson Health Tech Retail, Inc., which will acquire “substantially all of the assets” of the company for $37.5 million in cash.
The company has also secured a bankruptcy loan of $25 million, consisting of a $9 million revolving credit commitment and $16 million term loan reflecting the roll-up of BowFlex’s pre-filing term loan, reports Retail Dive.
Founded in 1986 with a single strength training machine, BowFlex grew to be “a global leader in innovative home and connected fitness solutions,” selling through both its own channels as well as through wholesale partners.
Aside from its namesake brand, the company’s entities included Schwinn, JRNY and Nautilus.
However, the company faced challenges in recent years, including fading demand after the pandemic, shifts in consumer behavior, macro-economic trends, interest rate pressures and “retailer over-inventorying,” CFO Aina Konold said in court documents.
In the summer of 2021, the company began to explore strategic partnerships and sought out additional capital, but that process failed to result in an out-of-court transaction, Konold said.
As part of its strategic realignment, the company in November 2023 changed its name from Nautilus, Inc. to BowFlex Inc after it sold off the Nautilus brand trademark assets and related licenses.
The company at the end of last year sought out an in-court sale of its assets, which successfully resulted in a stalking horse bid from Johnson Health Tech Retail.
BowFlex employs about 330 individuals in the U.S. and 70 internationally.
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Also Read: A Massive Retailer Now Closes And Begins Liquidation Sale
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