Category: Banking News (Page 1 of 283)

A Major Food Company Now Makes Unexpected Layoffs in Wisconsin

A major food company now makes unexpected layoffs in Wisconsin as a plant prepares to let go of more than two hundred people.

Conagra Brands said it regularly evaluates its production network to ensure it is “operating as effectively and efficiently as possible” in order to remain competitive.

The company is closing a facility in Beaver Dam, Wisconsin that produces its Birds Eye frozen brand.

The Illinois-based CPG giant said that a total of 252 people will lose their jobs.

Production at the plant is expected to end on or around June 10, reports Food Dive.

In a statement, Conagra said it will offer severance benefits to employees.

“We continually evaluate our overall network of food production facilities to ensure that we are operating as effectively and efficiently as possible so we can remain competitive as a company,” the statement said.

“We have determined that we can continue to meet the needs of the business by making these products in fewer facilities.”

In addition to Birds Eye, Conagra produces Marie Callender’s and Healthy Choice frozen meals as well as Slim Jim meat snacks and Orville Redenbacher popcorn.

Conagra is the latest food manufacturer to announce the closure of a plant as companies aim to streamline production to increase efficiencies and boost their bottom line.

The moves come as they pass on higher costs to consumers, which have responded by purchasing few products.

Del Monte Foods said in February it will close two plants to “align and streamline operational capacity with consumer demand.”

Several other food companies have announced plant closures, including snacks maker Kellanova, chips producer Utz Brands, cereal manufacturer Post Holdings and meat and poultry processor Tyson Foods.

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Also Read: A Massive Grocery Brand Now Files For Chapter 11 Bankruptcy

Other Economy News Today

Market News Today - A Major Food Company Now Makes Unexpected Layoffs in Wisconsin.
Market News Today – A Major Food Company Now Makes Unexpected Layoffs in Wisconsin.

These massive retailers are now leaving low income areas, leaving residents to struggle after closures begin to create a food desert.

Residents in New Mexico have been left struggling to find reliable food options after abrupt store closures created a food desert, reports The US Sun.

Local officials slammed Walmart and Walgreens for leading residents to turn to food pantries after exiting a low-income area in Albuquerque.

Over one year ago, a Walmart in the eastern part of Albuquerque shut down, and since then a nearby Walgreens and Family Dollar have also closed.

Other supermarket chains are in no rush to fill the vacant storefronts, leaving residents to find alternative options for fresh food.

Food pantries in the area are especially feeling the strain, and volunteers say they don’t know how much longer they can patch the holes in the community.

“It’s just amazing to see how they run to these tables and in just a short matter of time, it’s gone,” Pastor Joanne Landry, who runs the nonprofit Compassion Services Center, told local NBC affiliate KOB in March.

“A lot of people, they need food.”

District 6 City Councilor Nichole Rogers also noticed the critical needs and said the closures left a “void” in her district in an exclusive interview with The U.S. Sun.

She said poor access to produce can have a “ripple effect” on the health of the community.

“So it’s a top priority to get some fresh food here as soon as possible,” she said.

For Rogers, the most immediate solution is urging grocery brands to sell their property to the local government at a fair price.

That way, she can set up farmers’ markets and food co-ops where groceries can be subsidized and sold at a fair price.

However, she said the supermarkets have priced their properties so high that the city can’t make an offer.

“Walmart’s holding out for the highest bidder, which is, you know, sad,” Rogers said.

“I wish they would just sell to the city so that we would have more of a say in what happens.”

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Also Read: Giant Restaurant Now Makes An Unexpected Closure in South Carolina

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Market News Today - A Major Food Company Now Makes Unexpected Layoffs in Wisconsin.
Market News Today – A Major Food Company Now Makes Unexpected Layoffs in Wisconsin.

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These Massive Retailers Are Now Leaving Low Income Areas

These massive retailers are now leaving low income areas, leaving residents to struggle after closures begin to create a food desert.

Residents in New Mexico have been left struggling to find reliable food options after abrupt store closures created a food desert, reports The US Sun.

Local officials slammed Walmart and Walgreens for leading residents to turn to food pantries after exiting a low-income area in Albuquerque.

Over one year ago, a Walmart in the eastern part of Albuquerque shut down, and since then a nearby Walgreens and Family Dollar have also closed.

Other supermarket chains are in no rush to fill the vacant storefronts, leaving residents to find alternative options for fresh food.

Food pantries in the area are especially feeling the strain, and volunteers say they don’t know how much longer they can patch the holes in the community.

“It’s just amazing to see how they run to these tables and in just a short matter of time, it’s gone,” Pastor Joanne Landry, who runs the nonprofit Compassion Services Center, told local NBC affiliate KOB in March.

“A lot of people, they need food.”

District 6 City Councilor Nichole Rogers also noticed the critical needs and said the closures left a “void” in her district in an exclusive interview with The U.S. Sun.

She said poor access to produce can have a “ripple effect” on the health of the community.

“So it’s a top priority to get some fresh food here as soon as possible,” she said.

For Rogers, the most immediate solution is urging grocery brands to sell their property to the local government at a fair price.

That way, she can set up farmers’ markets and food co-ops where groceries can be subsidized and sold at a fair price.

However, she said the supermarkets have priced their properties so high that the city can’t make an offer.

“Walmart’s holding out for the highest bidder, which is, you know, sad,” Rogers said.

“I wish they would just sell to the city so that we would have more of a say in what happens.”

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

Also Read: Giant Restaurant Now Makes An Unexpected Closure in South Carolina

Other Economy News Today

Market News Today - These Massive Retailers Are Now Leaving Low Income Areas.
Market News Today – These Massive Retailers Are Now Leaving Low Income Areas.

Another EV company now announces unexpected layoffs after pulling out of several markets due to a plunge in projected growth.

BP has cut over a tenth of the workforce in its electric vehicle charging business and pulled it out of several markets after a bet on rapid growth in commercial EV fleets didn’t pay off, company sources said.

The changes at BP Pulse are part of CEO Murray Auchincloss’s efforts to focus on the British company’s most profitable segments as it battles investor doubts over its plan to shift away from oil and gas to low-carbon energy, reports CNBC.

BP Pulse reduced the number of countries it operates in from 12 to four in recent months, focusing now on the United States, Britain, Germany and China, where it expects the fastest growth in the EV market, BP told Reuters.

As a result, the division axed over 100 jobs in recent months, or over 10% of its global workforce of 900, with many employees being moved into other divisions and only a handful leaving the company, the sources said.

BP did not comment on the exact numbers of jobs that were cut.

The move comes as automakers across the world tighten their belts amid a slower than expected uptake of EVs.

Tech publication Electrek reported on Monday that U.S. EV pioneer Tesla would lay off more than 10% of its workforce.

EV charging, however, remains one of BP’s key growth engines.

BP had over 29,000 charging points globally at the end of 2023, compared with 22,000 a year earlier, it said in its annual report.

It aims to have 100,000 points by 2030.

“Our EV ambitions have not changed,” BP said.

The changes at BP Pulse are “a step towards ensuring that we can execute our goals with even greater precision and effectiveness”.

BP last May also shut down its home EV charging business.

The company now focuses mostly on fast charging hubs.

The company says it expects returns from its EV charging and convenience stores operations to exceed 15% and create $1.5 billion in earnings before interest, taxes, depreciation, and amortization by 2025.

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Also Read: A Massive Grocery Brand Now Files For Chapter 11 Bankruptcy

Market News Published Daily 📰

Market News Today - These Massive Retailers Are Now Leaving Low Income Areas.
Market News Today – These Massive Retailers Are Now Leaving Low Income Areas.

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.



Another EV Company Now Announces Unexpected Layoffs

Another EV company now announces unexpected layoffs after pulling out of several markets due to a plunge in projected growth.

BP has cut over a tenth of the workforce in its electric vehicle charging business and pulled it out of several markets after a bet on rapid growth in commercial EV fleets didn’t pay off, company sources said.

The changes at BP Pulse are part of CEO Murray Auchincloss’s efforts to focus on the British company’s most profitable segments as it battles investor doubts over its plan to shift away from oil and gas to low-carbon energy, reports CNBC.

BP Pulse reduced the number of countries it operates in from 12 to four in recent months, focusing now on the United States, Britain, Germany and China, where it expects the fastest growth in the EV market, BP told Reuters.

As a result, the division axed over 100 jobs in recent months, or over 10% of its global workforce of 900, with many employees being moved into other divisions and only a handful leaving the company, the sources said.

BP did not comment on the exact numbers of jobs that were cut.

The move comes as automakers across the world tighten their belts amid a slower than expected uptake of EVs.

Tech publication Electrek reported on Monday that U.S. EV pioneer Tesla would lay off more than 10% of its workforce.

EV charging, however, remains one of BP’s key growth engines.

BP had over 29,000 charging points globally at the end of 2023, compared with 22,000 a year earlier, it said in its annual report.

It aims to have 100,000 points by 2030.

“Our EV ambitions have not changed,” BP said.

The changes at BP Pulse are “a step towards ensuring that we can execute our goals with even greater precision and effectiveness”.

BP last May also shut down its home EV charging business.

The company now focuses mostly on fast charging hubs.

The company says it expects returns from its EV charging and convenience stores operations to exceed 15% and create $1.5 billion in earnings before interest, taxes, depreciation, and amortization by 2025.

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

Also Read: A Massive Grocery Brand Now Files For Chapter 11 Bankruptcy

Other Economy News Today

Market News Today - Another EV Company Now Announces Unexpected Layoffs.
Market News Today – Another EV Company Now Announces Unexpected Layoffs.

A massive restaurant chain now explores filing for bankruptcy after hurting its financial position by offering an affordable meal.

Red Lobster hurt its financial position by offering its popular all-you-can-eat shrimp meal for $20.

“That worked to increase traffic, but it was a money loser. That deal remains on the menu, but it now costs $25,” reports TheStreet.

Red Lobster has a proud history, and in many ways it brought lobster and seafood to markets where it otherwise was offered only in fine-dining experiences.

“What was once a single family-owned restaurant in Lakeland, Florida, now has over 700 locations around the world,” says the company on its website.

The chain has been owned by Thai Union Group, which wrote down its stake in the company earlier this year.

“During the past years, the combination of Covid-19 pandemic, sustained industry headwinds, higher interest rates and rising material and labor costs have impacted to Red Lobster business resulting in prolonged negative financial contributions to the company and its shareholders,” Thai Union said in a Jan. 16 media release.

“After detailed analysis, the board of directors has determined that Red Lobster’s ongoing financial requirements no longer align with our capital allocation priorities and therefore the company is pursuing an exit of the minority investment.”

It’s a situation that has the chain looking for a lifeline.

“Red Lobster has been getting advice from law firm King & Spalding,” Bloomberg News reported, citing people familiar with the matter.

“The dining chain is considering a possible Chapter 11 filing to shed some long-term contracts and renegotiate a swath of leases, the people said,” Bloomberg reported.

Fortress Investment Group, the company’s top lender, has been involved in the Chapter 11 discussions, according to the news service.

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Also Read: A Massive US Bank Is Now Freezing Customers’ Money

Market News Published Daily 📰

Market News Today - Another EV Company Now Announces Unexpected Layoffs.
Market News Today – Another EV Company Now Announces Unexpected Layoffs.

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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!

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.



Massive Retailer Is Now Giving $500 Million Back to Customers

A massive retailer is now giving $500 million back to customers after debuting a simplified loyalty offering that nearly doubles its rate.

JCPenney is the latest retailer to reconfigure its rewards program with the debut of a simplified loyalty offering that nearly doubles the rate at which members earn rewards.

With this enhanced earning potential, JCPenney estimates that it could return as much as half-a-billion dollars back to its customers in the form of rewards, said Katie Mullen, the retailer’s Chief Customer Officer, at a press briefing.

The updated Rewards program is the next step in JCPenney’s ongoing transformation strategy, which last year saw the retailer commit to investing $1 billion in improving the customer experience and operational efficiencies.

JCPenney currently boasts more than 20 million Rewards members who consistently shop at the retailer an average of five times per year; now those members will earn more with each shopping trip.

Enhancements to the program include:

  • Customers will earn Rewards at nearly double the previous rate, with members earning at least one CashPass point for every $1 spent and receiving a $10 CashPass Reward when they hit 200 points​;
  • Members are guaranteed at least $20 in CashPass Rewards, with new members automatically getting a $10 CashPass when they sign up and all members getting a $10 CashPass every year on their birthday;
  • These rewards also can be stacked on top of other coupons and can be used on any purchase; and
  • JCPenney cardholders will save even more by earning CashPass Rewards 50% faster (1.5 points per $1 spent) when they use a JCPenney Credit Card for purchases. New cardholders also will get an extra 35% off their first purchase with their JCPenney credit card.

Another simplifying element of the program is the CashPass itself.

“Customers don’t want to think about points,” said Mullen.

“All they want to think about is the value that equates to for them, so we’ve been very deliberate in naming our [rewards] structure CashPass so that customers really understand that this is equivalent to dollars.”

The program continues to be free to join, which Mullen said was a deliberate choice:

“We’ve made a commitment to stay free as a program. Not every one of our competitors can say the same,” she said, adding that “there are lots of rewards programs that are targeted to elite customers and focused on giving back to your highest spenders.

We have customers of all ages and all demographics, and we wanted to make sure that everyone could participate.

One of the things we challenged ourselves on was how do we make it simpler so that every customer can feel like they can participate.

The simplicity really allows us to communicate our program more effectively in other languages, not just English, and it also makes sure we can make our program easy for anyone to join.”

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

Also Read: A Massive Grocery Brand Now Files For Chapter 11 Bankruptcy

Other Economy News Today

Market News Today - Massive Retailer Is Now Giving $500 Million Back to Customers.
Market News Today – Massive Retailer Is Now Giving $500 Million Back to Customers.

A massive grocery is now cutting major job roles a little over a year after the discounter let go of roughly 200 workers stateside.

Discount grocer Lidl has undergone a fresh set of layoffs stateside, a Lidl US spokesperson said in an email.

The cuts impacted corporate roles across three units at Lidl US.

People impacted by the layoffs held roles ranging from administrative assistant to senior IT specialist, according to LinkedIn posts.

The layoffs come a little over a year after Lidl US let go of roughly 200 employees — primarily impacting employees at its U.S. headquarters in Arlington, Virginia.

The layoffs are the latest move by Lidl to rightsize its operations in the U.S. as it struggles to gain ground while rival Aldi hits the accelerator.

“Lidl US made the difficult decision to eliminate corporate roles across three functions within the business. While this is never an easy decision, we believe it is the right one for the business,” the spokesperson wrote.

The Lidl US spokesperson declined to say how many workers were impacted.

LinkedIn posts from several laid-off employees noted that the layoffs are part of a corporate restructuring plan.

A marketing manager who was laid off noted in a LinkedIn video posted Thursday that graphic designers, content producers, social media managers and information technology workers were included in the layoffs.

Laid-off Lidl US workers will receive severance packages and career transition support, the spokesperson said.

The job cuts last year came at a time when Lidl US was undertaking a corporate restructuring and aiming to boost its financial health.

Lidl US also underwent a round of layoffs at its U.S. headquarters a few years prior, according to German business publication Lebensmittel Zeitung.

Lidl opened its first U.S. stores in 2017 but has struggled to hit its stride and grow stateside.

Meanwhile, competitor Aldi, which entered the U.S. in the 1970s, continues to rapidly expand its store fleet, with plans to open an additional 800 stores by the end of 2028, reports Grocery Dive.

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Also Read: A Massive US Bank Is Now Freezing Customers’ Money

Market News Published Daily 📰

Market News Today - Massive Retailer Is Now Giving $500 Million Back to Customers.
Market News Today – Massive Retailer Is Now Giving $500 Million Back to Customers.

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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