Businesses Now Announce Unexpected Layoffs in South Carolina

Businesses now announce unexpected layoffs in South Carolina according to the latest WARN data advising of job cuts.

South Carolina, known for its vibrant industry and employment opportunities, is confronting a challenging phase as several businesses have filed WARN notices, signaling a series of layoffs poised to impact the state’s workforce in 2024.

The recent WARN (Worker Adjustment and Retraining Notification) data from the South Carolina Department of Employment and Workforce brings to light the changing economic landscape and its consequences for local workers.

According to the latest figures released, a significant number of companies across various industries have notified authorities of impending layoffs.

This article reflects the most up-to-date information obtained from official WARN Notices and reporting from local news outlets:

  • Techtronics Industries North America has announced that its Anderson facility will experience a reduction, affecting approximately 300 employees as of March 15, 2024. The company, a leading player in the power tools market, cited technological innovations and shifts in consumer demands as primary reasons for the resizing.
  • In Charleston, the retail giant Belk has reported a layoff plan for the upcoming year. Roughly 120 employees are expected to be impacted starting May 1, 2024, amidst the competitive and evolving retail environment.
  • The Greenville-based automotive supplier, Drive Automotive, is also among the businesses set to downsize. Slated for June 10, 2024, the layoffs will dismiss nearly 200 workers, attributed mainly to reduced orders from their primary clients in the automotive industry.
  • On the pharmaceutical front, LabCorp has declared layoff dates affecting its R&D branch in Columbia, with 80 employees to be laid off on July 20, 2024. The reduction is a result of a strategic realignment in response to the shifting healthcare landscape.

The disclosed layoffs illustrate a troubling trend for the state’s economy and raise concerns about the future of South Carolina’s job market.

State officials and employment experts are monitoring the situation closely, considering measures to assist those affected.

“The decision to part ways with our valued employees is never easy,” stated a spokesperson from Techtronics Industries during a press briefing.

“We are working closely with the state to ensure that they have access to retraining programs and job placement services.”

South Carolina Layoffs 2024.
South Carolina Layoffs 2024.

The South Carolina Department of Employment and Workforce has affirmed its commitment to supporting workers facing layoffs.

“We have a robust response system for such events and are prepared to assist those impacted through our Rapid Response program,” the department expressed in a statement.

This wave of layoffs signals a time of economic adjustment for South Carolina.

With both the state and local communities bracing for the impact, efforts are being directed towards minimizing the fallout and aiding those who will bear the brunt of job losses.

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Also Read: A Massive Grocery Store Will Now Close All Locations

Other Economy News Today

Market News Today - Businesses Now Announce Unexpected Layoffs in South Carolina.
Market News Today – Businesses Now Announce Unexpected Layoffs in South Carolina.

This massive discount retailer is now closing 1,000 stores as inflation pressures the company to shutter several locations.

Dollar Tree Inc. plans to close a whopping 600 of its Family Dollar stores during the first half of the year, the company said Wednesday.

The retailer also intends to close an additional 370 Family Dollar stores and 30 Dollar Tree stores in the coming years as leases expire, CEO Rick Dreiling said during an earnings call.

Consolidated net sales for the fourth quarter rose 12% to $8.6 billion from $7.7 billion year over year.

Quarterly net sales at the company’s namesake banner rose 15% to nearly $5 billion, up from $4.3 billion a year earlier.

Family Dollar net sales rose 7% to $3.7 from $3.4 billion.

Overall, the company posted a net loss of $1.7 billion for Q4.

For the full year, consolidated net sales rose 8% to $30.6 billion from $28.3 billion a year earlier.

However, the company swung to a net loss of $998 million from a prior year profit of $1.62 billion.

Overall same-store sales increased 4.6%.

By banner, Dollar Tree’s comps rose nearly 6%, while Family Dollar’s comps grew 3.2%.

Dollar Tree said in November that it planned to review its Family Dollar portfolio and identify underperforming stores for closure, relocation, or re-bannering.

The Virginia-based company, which had 16,774 stores in the U.S. and Canada as of last month, publicly shared the outcome of its review for the first time Wednesday.

Dreiling said persistent inflation and reduced government benefits continue to pressure the lower-income consumers that comprise a sizeable portion of Family Dollar’s customer base.

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Also Read: A Massive Mall Retailer Is Now Closing in California

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Market News Today - Businesses Now Announce Unexpected Layoffs in South Carolina.
Market News Today – Businesses Now Announce Unexpected Layoffs in South Carolina.

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