Category: Banking News (Page 1 of 115)

This Massive Retailer in California Now Closes Several Stores

A massive retailer in California now closes several additional stores after declaring Chapter 11 bankruptcy in October.

Rite Aid has added new store closures to its roster bringing the total number of locations shuttering in the Golden State to 41.

In October, as part of their bankruptcy filing, Rite Aid announced that 154 locations nationwide would close, including thirty-one in California.

However, the number of store closures has now risen.

Rite Aid was founded in 1965 but has struggled recently.

The company filed for Chapter 11 bankruptcy after incurring a whopping $3.3 billion in unpaid debt.

According to financial reports to the U.S. Securities and Exchange Commission (SEC), Rite Aid has lost approximately $3 billion since 2020.

“Rite Aid has served customers and communities across our country for more than 60 years, and the important actions we are taking today will enable us to move ahead as a stronger company,” says Jeffrey Stein, Chief Executive Office and Chief Restructuring Officer of Rite Aid.

“With the support of our lenders, we look forward to strengthening our financial foundation, advancing our transformation initiatives, and accelerating the execution of our turnaround strategy.

In doing so, we will be even better able to deliver the healthcare products and services our customers and their families rely on – now and into the future.”

So far, the total number of Rite Aid store closures has passed 230, including forty-one in California.

Below is a list of Rite Aid stores closing in California.

Also Read: Massive Layoffs in California Now Underway Prior to Holidays

Which Rite Aid Stores Are Closing in California?

Below is the latest and most up-to-date list of Rite Aid stores closing in California:

  • Dana Point: 24829 Del Prado
  • Laguna Niguel: 30222 Crown Valley Parkway
  • Yorba Linda: 19701 Yorba Linda Boulevard
  • Santa Ana: 1406 West Edinger Avenue
  • Ventura: 2738 East Thompson Boulevard
  • Oxnard: 720 North Ventura Road
  • Cupertino: 20572 Homestead Road
  • Santa Clara: 2620 El Camino Real
  • Santa Cruz: 901 Soquel Avenue
  • Atwater: 571 Bellevue Road
  • Citrus Heights: 5409 Sunrise Boulevard
  • Sacramento: 1309 Fulton Avenue
  • Costa Mesa: 3029 Harbor Boulevard
  • Ontario: 3000 South Archibald Avenue
  • La Mirada: 15800 Imperial Highway
  • Irvine: 8509 Irvine Center Drive
  • Monterey: 499 Alvarado Street
  • Los Angeles: 4044 Eagle Rock Boulevard,
  • Los Angeles: 4046 South Centinela Avenue,
  • Los Angeles: 959 Crenshaw Boulevard
  • Downey: 7859 Firestone Boulevard
  • Long Beach: 4402 Atlantic Avenue
  • Burbank: 935 North Hollywood Way
  • Covina: 139 North Grand Avenue
  • La Puente: 13905 Amar Road
  • Alhambra: 920 East Valley Boulevard
  • Oceanside: 3813 Plaza Drive
  • Ramona: 1670 Main Street
  • San Diego: 6505 Mission Gorg Road
  • San Diego: 8985 Mira Mesa Boulevard
  • Menifee: 25906 Newport Road
  • 1375 Rocking W Drive, Bishop
  • 6007 Clark Rd, Paradise
  • 11230 Donner Pass Rd, Truckee
  • 1020 Al Tahoe Blvd, South Lake Tahoe
  • 1475 41st Ave, Capitola
  • 49060 Road 426 Oakhurst
  • 5747 Kanan Rd, Agoura
  • 1350 North Vasco Rd, Livermore
  • 4980 Freeport Blvd, Sacramento
  • 72-875 Highway 111, Palm Desert

Also Read: A US Company Now Declares An Unexpected Bankruptcy

Other Economy News Today

Market News Today - This Massive Retailer in California Now Closes Several Stores.
Market News Today – This Massive Retailer in California Now Closes Several Stores.

DeSantis has now announced new massive layoffs in Florida, part of a budget plan that will last between 2024 and 2025.

Despite a multi-billion-dollar budget surplus, Florida Governor Ron DeSantis has vowed to cut more than 1,000 state government positions.

The Governor released the following statement:

“We are also going to be reducing the size of government by eliminating over 1,000 positions throughout the state government.

That’s going to help us realign resources to focus on efficiency.”

According to the plan, there would be 407 jobs axed from the Florida Department of Corrections (FDC).

The Florida Department of Health (FDOH) would also lose approximately 358 positions.

And the Florida Department of Transportation would lose at the very least 100 jobs.

The budget was slammed by Florida Democrats.

“The irony of Ron’s ‘Focus on Florida’ budget is his complete inability to actually focus on Florida,” says Florida Democratic Party Chair Nikki Fried.

“He spent more time ranting about the State of California today than proposing positive solutions for Florida — at times, his speech felt like the deleted scenes from last week’s debate.”

The budget will be negotiated during the 2024 legislative session, which will start on Tuesday, January 9, 2024.

Once and if approved, it will take effect sometime in starting in July.

For more news and updates like this, opt-in for push notifications.

Also Read: Massive Layoffs in Florida Deepen According to New Data

Market News Published Daily 📰

Market News Today - This Massive Retailer in California Now Closes Several Stores.
Market News Today – This Massive Retailer in California Now Closes Several Stores.

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Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

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Frank Nez’s Stock Portfolio

Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?

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11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.



DeSantis Has Now Announced New Massive Layoffs in Florida

DeSantis has now announced new massive layoffs in Florida, part of a budget plan that will last between 2024 and 2025.

Despite a multi-billion-dollar budget surplus, Florida Governor Ron DeSantis has vowed to cut more than 1,000 state government positions.

The Governor released the following statement:

“We are also going to be reducing the size of government by eliminating over 1,000 positions throughout the state government.

That’s going to help us realign resources to focus on efficiency.”

According to the plan, there would be 407 jobs axed from the Florida Department of Corrections (FDC).

The Florida Department of Health (FDOH) would also lose approximately 358 positions.

And the Florida Department of Transportation would lose at the very least 100 jobs.

The budget was slammed by Florida Democrats.

“The irony of Ron’s ‘Focus on Florida’ budget is his complete inability to actually focus on Florida,” says Florida Democratic Party Chair Nikki Fried.

“He spent more time ranting about the State of California today than proposing positive solutions for Florida — at times, his speech felt like the deleted scenes from last week’s debate.”

The budget will be negotiated during the 2024 legislative session, which will start on Tuesday, January 9, 2024.

Once and if approved, it will take effect sometime in starting in July.

For more news and updates like this, opt-in for push notifications.

Also Read: Massive Layoffs in Florida Deepen According to New Data

Other Economy News Today

Market News Today - DeSantis Has Now Announced New Massive Layoffs in Florida.
Market News Today – DeSantis Has Now Announced New Massive Layoffs in Florida.

Wells Fargo now warns of massive layoffs for 2024 as the banking giant announces a whopping $1bn severance hit.

So far, Wells Fargo, which has its corporate headquarters in California, has fired approximately 11,300 employees in 2023.

This is equal to nearly 5% of its nearly 230,000 workforce, reports CNBC.

As layoffs continue into 2024, Wells Fargo CEO Charlie Scharf has warned investors the costs could amount to a staggering $1 billion.

However, Scharf did not confirm the number of employees that would be affected by the next round of layoffs.

“We’re looking at something like $750 million to a little less than a billion dollars of severance in the fourth quarter that we weren’t anticipating, just because we want to continue to focus on efficiency,” Scharf told investors during a Goldman Sachs conference in New York.

“Wells Fargo needs to get “more aggressive” managing headcount because employee attrition has slowed this year,” Scharf added.

That expense is an accrual for worker layoffs that Wells Fargo expects to make next year, according to a bank spokeswoman.

The company declined to say how many jobs it will cut, says CNBC.

Wall Street leaders including Scharf and Morgan Stanley CEO James Gorman have said that unusually low attrition among their workers has left them bloated.

The industry has been cutting jobs in the past year as it deals with rising funding costs, a prolonged slump in Wall Street deals and concern over loan losses.

Wells Fargo, the fourth-biggest U.S. bank by assets, was already among the most active in laying off workers this year, thanks in part to its “retrenchment” from the mortgage arena.

The bank has cut about 11,300 jobs so far in 2023, or 4.7% of its workforce, and had 227,363 employees as of September, reports CNBC.

Also Read: A Massive Bank Now Closes Several Branches in Florida

Market News Published Daily 📰

Market News Today - DeSantis Has Now Announced New Massive Layoffs in Florida.
Market News Today – DeSantis Has Now Announced New Massive Layoffs in Florida.

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

You can also follow me on X (Twitter)InstagramFacebook, or LinkedIn for daily news and updates on your favorite stories.


Frank Nez’s Stock Portfolio

Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?

Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.

11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.



Unexpected Layoffs in Ohio Now Surge Going Into 2024

Unexpected layoffs in Ohio now surge going into 2024 as more businesses file WARN notices advising of upcoming job cuts.

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.

In the state of Ohio, these must be filed with the Ohio Department of Job and Family Services.

So far in 2023, there has been approximately 7,176 layoffs in Ohio across 76 businesses according to the latest WARN data.

This is more than double last year’s figures.

In 2022, thirty-one businesses filed notices amounting to 3,743 layoffs.

However, California remains the #1 state with the most layoffs in the country.

In second place is New York followed by Colorado, IllinoisTexasWashington, New Jersey, FloridaMichigan, and Georgia.

New Layoffs in Ohio 2023.
New layoffs in Ohio 2023.

Below is a list of businesses who have warned of upcoming layoffs in Ohio:

  • Mansfield Plumbing Products, LLC. 263 job cuts by 12/31.
  • GXO Logistics. 192 job cuts by 1/15/2024.
  • York Street Fresh Foods LLC. 150 job cuts by 12/15.
  • Sunbeam Products Inc. 130 job cuts by 12/31.
  • St. Bernard Soap Company. 127 job cuts by 12/10.
  • ProMedica Employment Services II. 122 job cuts by 12/16.
  • Ardagh Metal Packaging. 110 job cuts by 1/31/2024.
  • Klarna LLC. 102 job cuts by 12/23.
  • Whole Foods Market / Amazon. 99 job cuts by 12/05.
  • Morgan Stanley. 95 job cuts by 12/31.
  • Amazon. 90 job cuts by 1/02/2024.
  • Nestle. 77 job cuts by 12/31.
  • Honeywell. 66 job cuts by 12/15.
  • Stevens Aerospace and Defense Systems. 54 job cuts by 1/31/2024.

Also Read: Massive Layoffs in California Now Underway Prior to Holidays

Other Economy News Today

Market News Today - Unexpected Layoffs in Ohio Now Surge Going Into 2024.
Market News Today – Unexpected Layoffs in Ohio Now Surge Going Into 2024.

A popular travel retailer now files for unexpected bankruptcy after experiencing “significant financial difficulty”.

Van’s Aircraft has now announced that it has filed for Chapter 11 bankruptcy protection.

Van’s posted a statement on its website about its Dec. 4 Chapter 11 bankruptcy filing. 

The Aurora, Ore., company, founded 1972, tried to reassure its customers that it would “continue to source, produce, and provide parts, service, and support to our customers. We will also be crating and shipping kit orders.”

The company sells a variety of kits to make airplanes, and many of its customers have never built a plane before.  

“RV kits are very complete. All necessary aluminum forming is done; all welding is completed at the factory. Molded canopies and fiberglass parts are supplied.

All the hardware is included. Most steel parts are powder-coated,” the company writes on its website.

Van’s sells planes that have up to four seats with a variety of capabilities.

Some are optimized for short flights while others have longer ranges or can even be used to perform acrobatics.

In a note to customers posted on its website, Van’s made clear that it has a significant inventory of parts, so it can continue to support built aircraft as well as those being built now.

The company also explained what led to its Chapter 11 petition, filed in U.S. Bankruptcy Court for the District of Oregon.  

“We understand that this situation creates a hardship for everyone involved.

However, without these changes we do not see a viable path forward that would allow Van’s Aircraft to remain in business and support its customers,” the company said in a statement.

Also Read: A US Company Now Declares An Unexpected Bankruptcy

Market News Published Daily 📰

Market News Today - Unexpected Layoffs in Ohio Now Surge Going Into 2024.
Market News Today – Unexpected Layoffs in Ohio Now Surge Going Into 2024.

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

You can also follow me on X (Twitter)InstagramFacebook, or LinkedIn for daily news and updates on your favorite stories.


Frank Nez’s Stock Portfolio

Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?

Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.

11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.



Unexpected Layoffs in North Carolina Now Grow For 2024

Unexpected layoffs in North Carolina now grow for 2024 as several businesses file WARN notices advising of upcoming job cuts.

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.

In North Carolina, these must be filed with the North Carolina Department of Commerce.

The filings with the Ohio Department of Job and Family Services until November 30 show that 98 companies have laid off staff in North Carolina this year, resulting in a whopping 8,600 people losing their jobs.

This is more than double of last year’s figures where only 40 businesses filed notices amounting to 4,104 layoffs.

Below is a list of businesses that have advised of upcoming layoffs in North Carolina soon:

  • National Spinning Co. Inc. 100 job cuts by 1/15/2024.
  • Dansons Inc. 49 job cuts by 4/30/2024.
  • Cygnus Home Service LLC dba Yelloh. 24 job cuts by 1/27/2024.
  • Printpack, Inc. 90 job cuts by 12/31.
  • Hood Container. 88 job cuts by 12/19.
  • AgBiome, Inc. 123 job cuts by 12/15.
  • National Distribution Centers LLC. 217 job cuts by 12/31.
  • Gildan Yarn’s. 258 job cuts 12/08.
  • Smithfield Packaged Meats Corp. 107 job cuts by 12/8.
  • Kayser-Roth Corporation. 126 job cuts by 12/22.

California remains the #1 state with the most layoffs in the country.

In second place is New York followed by Colorado, IllinoisTexasWashington, New Jersey, FloridaMichigan, and Georgia.

Also Read: Massive Layoffs in California Now Underway Prior to Holidays

Other Economy News Today

Market News Today - Unexpected Layoffs in North Carolina Now Grow For 2024.
Market News Today – Unexpected Layoffs in North Carolina Now Grow For 2024.

A popular travel retailer now files for unexpected bankruptcy after experiencing “significant financial difficulty”.

Van’s Aircraft has now announced that it has filed for Chapter 11 bankruptcy protection.

Van’s posted a statement on its website about its Dec. 4 Chapter 11 bankruptcy filing. 

The Aurora, Ore., company, founded 1972, tried to reassure its customers that it would “continue to source, produce, and provide parts, service, and support to our customers. We will also be crating and shipping kit orders.”

The company sells a variety of kits to make airplanes, and many of its customers have never built a plane before.  

“RV kits are very complete. All necessary aluminum forming is done; all welding is completed at the factory. Molded canopies and fiberglass parts are supplied.

All the hardware is included. Most steel parts are powder-coated,” the company writes on its website.

Van’s sells planes that have up to four seats with a variety of capabilities.

Some are optimized for short flights while others have longer ranges or can even be used to perform acrobatics.

In a note to customers posted on its website, Van’s made clear that it has a significant inventory of parts, so it can continue to support built aircraft as well as those being built now.

The company also explained what led to its Chapter 11 petition, filed in U.S. Bankruptcy Court for the District of Oregon.  

“We understand that this situation creates a hardship for everyone involved.

However, without these changes we do not see a viable path forward that would allow Van’s Aircraft to remain in business and support its customers,” the company said in a statement.

Also Read: A US Company Now Declares An Unexpected Bankruptcy

Market News Published Daily 📰

Market News Today - Unexpected Layoffs in North Carolina Now Grow For 2024.
Market News Today – Unexpected Layoffs in North Carolina Now Grow For 2024.

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

You can also follow me on X (Twitter)InstagramFacebook, or LinkedIn for daily news and updates on your favorite stories.


Frank Nez’s Stock Portfolio

Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?

Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.

11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.



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