Category: Business News (Page 1 of 454)

100 Mall Retail Stores Now Announce Painful Closures

100 mall retail stores now announce painful closures, further fueling the extinction of brick-and-mortal businesses.

Clothing company Express has announced which states will have closures as the store files for bankruptcy.

The bankruptcy filing was officially announced on Monday.

Express has confirmed that 95 of its 553 stores will shut down as well as all 10 UpWest locations, according to the bankruptcy documents.

Customers can expect store closures in the following states:

  • California – 16
  • New York – 11
  • New Jersey – 7
  • Texas, Florida – 5
  • Connecticut, Georgia, Illinois – 4
  • Colorado, Iowa, Maryland, Massachusetts – 3
  • Indiana, Michigan, North Carolina, Ohio, Pennsylvania, Virginia, Washington, Wisconsin – 2
  • Arizona, District of Columbia, Hawaii, Louisiana, Minnesota, Missouri, Nebraska, New Hampshire, Nevada, Rhode Island, Tennesee – 1

Stores affected by the mass closures have started sales while opening hours stay the same, reports The-Sun.

Customers can get 40% off everything across men’s and women’s apparel if they shop online.

Closing UpWest locations can be found in Illinois, New York, Minnesota, California, Massachusetts, Virginia, Colorado, Washington, and the District of Columbia.

The company also owns Bonobos, another clothing store, but has not announced any plans to close locations.

Though closures are impending, the company plans to “conduct business as usual,” according to Monday’s press release.

“We continue to make meaningful progress refining our product assortments, driving demand, connecting with customers and strengthening our operations,” said Stewart Glendinning, Chief Executive Officer, according to the press release.

“We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives.

WHP Global has been a strong partner to the Company since 2023, and the proposed transaction will provide us additional financial resources, better position the business for profitable growth and maximize value for our stakeholders.”

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Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing

Other Economy News Today

Market News Today - 100 Mall Retail Stores Now Announce Painful Closures.
Market News Today – 100 Mall Retail Stores Now Announce Painful Closures.

A massive shoe retailer now announces a new wave of layoffs to hit headquarters this summer, affecting over 700 employees.

Nike has announced its ‘second phase’ of mass layoffs, effective June 28, according to a Worker Adjustment and Retraining Notification (WARN) filing.

A total of 740 employees will be impacted in the retailer’s home state.

The layoffs are part of the 2% workforce reduction Nike announced in February, which is taking place across two phases, the company confirmed via email.

Nike said job titles and the number of employees in each category would be provided at a later date, once the company has determined them.

Bumping rights are not available for the impacted employees, reports Retail Dive.

“Nike’s always at our best when we’re on the offense. The actions that we’re taking put us in the position to right-size our organization to get after our biggest growth opportunities as interest in sport, health and wellness have never been stronger,” Nike said in a statement.

“While these changes will impact approximately 2% of our total workforce, we are grateful for the contributions made by all Nike teammates.”

The layoffs are tied to a cost-savings plan Nike unveiled in December, which is aimed at generating up to $2 billion in cumulative savings over three years.

Based on the company’s last annual report, the layoffs to 2% of its total workforce will impact more than 1,600 people.

Savings from the plan are set to be reinvested in driving growth, innovation and profitability.

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

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

Market News Published Daily 📰

Market News Today - 100 Mall Retail Stores Now Announce Painful Closures.
Market News Today – 100 Mall Retail Stores Now Announce Painful Closures.

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Unexpected Wave of Bank Branch Closures Now Hit The US

An unexpected wave of bank branch closures now hit the US as three major institutions file notices with the OCC.

Banks across the United States are permanently closing their brick-and-mortar locations, with America’s coast getting hit the worse; one bank announced the closure of 20 branches.

Most major banks, including TD Bank, Wells Fargo, and more, appear to have been impacted.

Some of the major closures come from TD Bank and Wells Fargo, which are shuttering 28 locations according to this week’s bulletin from the Office of the Comptroller of the Currency (OCC).

TD Bank alone is closing a total of 20 locations.

Most of the branches that are shuttering are located in the northeast area of the country.

These states include New York, Vermont, Philadelphia, Maine, and more.

Two locations are based in South Carolina.

In the case of Wells Fargo, the bank is closing eight locations.

These include Florida, California, Georgia, Nevada, North Carolina, and more.

Other major banks like Bank of America, Citibank, Liberty Bank, and Capital One are also closing branches, based in states like California, New York, Michigan, and more.

“Bank closures create a stressful environment for most people, who rely on their banks for financial stability,” reports The US Sun.

“While most can complete their tasks digitally, a large percentage of people prefer to have a physical location where they can go solve their issues.”

Earlier this year, Bank of America announced it was planning on closing 50 locations.

These shutdowns are expected to occur within the year.

In 2023, the trend of bank closures appears to have slowed down.

Over the past year, 1,409 bank branches closed, a step up when compared to the numbers from 2022 and 2021.

These came in at 1,854 and 2,928 respectively, according to data collected by S&P Global Market Intelligence.

The data shows that the banks’ leading closure trends are Wells Fargo and U.S. Bancorp.

So far, seven new JP Morgan Chase locations have been approved to open this year.

These are located in Utah, Florida, Colorado, and more.

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Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing

Other Economy News Today

Market News Today - Unexpected Wave of Bank Branch Closures Now Hit The US.
Market News Today – Unexpected Wave of Bank Branch Closures Now Hit The US.

A massive shoe retailer now announces a new wave of layoffs to hit headquarters this summer, affecting over 700 employees.

Nike has announced its ‘second phase’ of mass layoffs, effective June 28, according to a Worker Adjustment and Retraining Notification (WARN) filing.

A total of 740 employees will be impacted in the retailer’s home state.

The layoffs are part of the 2% workforce reduction Nike announced in February, which is taking place across two phases, the company confirmed via email.

Nike said job titles and the number of employees in each category would be provided at a later date, once the company has determined them.

Bumping rights are not available for the impacted employees, reports Retail Dive.

“Nike’s always at our best when we’re on the offense. The actions that we’re taking put us in the position to right-size our organization to get after our biggest growth opportunities as interest in sport, health and wellness have never been stronger,” Nike said in a statement.

“While these changes will impact approximately 2% of our total workforce, we are grateful for the contributions made by all Nike teammates.”

The layoffs are tied to a cost-savings plan Nike unveiled in December, which is aimed at generating up to $2 billion in cumulative savings over three years.

Based on the company’s last annual report, the layoffs to 2% of its total workforce will impact more than 1,600 people.

Savings from the plan are set to be reinvested in driving growth, innovation and profitability.

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

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

Market News Published Daily 📰

Market News Today - Unexpected Wave of Bank Branch Closures Now Hit The US.
Market News Today – Unexpected Wave of Bank Branch Closures Now Hit The US.

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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.



A Massive Packaging Company Is Now Closing Locations in Florida

A massive packaging company is now closing locations in Florida, impacting 200 employees as the giant continues to trim costs.

FedEx will close four facilities in Florida this year, according to Worker Adjustment and Retraining Notification (WARN) Act notices filed last week.

The July 29 closures of two Ship Centers in Naples, one in Punta Gorda and one in Fort Myers will impact 220 employees in total, including many delivery couriers.

Affected employees will be offered options such as relocation or severance where applicable, FedEx said in an emailed statement to Supply Chain Dive.

“Each market is unique and operational decisions such as this are based on a number of factors, including volume fluctuations, customer demand, facility footprints, and more,” FedEx said.

“Decisions of this nature are never made lightly, and are the result of much thought and consideration for the needs of our business.”

FedEx has been ‘rightsizing’ its network footprint to reduce operating costs as it weathers volume declines, a transformation that has also impacted its staffing levels.

Last year, the company disclosed layoffs at Ship Centers in Colorado, Ohio, Texas, Georgia and Mississippi.

“As an initial matter and as part of responsible headcount management, we have reduced our workforce by nearly 22,000 over the last year and expect additional opportunities in the future as we move forward with our transformation,” EVP and CFO John Dietrich said in a March earnings call.

Rival UPS has also been trimming its headcount this year and is cutting sortation shifts at several facilities in its network.

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

Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing

Other Economy News Today

Market News Today - A Massive Packaging Company Is Now Closing Locations in Florida.
Market News Today – A Massive Packaging Company Is Now Closing Locations in Florida.

A massive shoe retailer now announces a new wave of layoffs to hit headquarters this summer, affecting over 700 employees.

Nike has announced its ‘second phase’ of mass layoffs, effective June 28, according to a Worker Adjustment and Retraining Notification (WARN) filing.

A total of 740 employees will be impacted in the retailer’s home state.

The layoffs are part of the 2% workforce reduction Nike announced in February, which is taking place across two phases, the company confirmed via email.

Nike said job titles and the number of employees in each category would be provided at a later date, once the company has determined them.

Bumping rights are not available for the impacted employees, reports Retail Dive.

“Nike’s always at our best when we’re on the offense. The actions that we’re taking put us in the position to right-size our organization to get after our biggest growth opportunities as interest in sport, health and wellness have never been stronger,” Nike said in a statement.

“While these changes will impact approximately 2% of our total workforce, we are grateful for the contributions made by all Nike teammates.”

The layoffs are tied to a cost-savings plan Nike unveiled in December, which is aimed at generating up to $2 billion in cumulative savings over three years.

Based on the company’s last annual report, the layoffs to 2% of its total workforce will impact more than 1,600 people.

Savings from the plan are set to be reinvested in driving growth, innovation and profitability.

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

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

Market News Published Daily 📰

Market News Today - A Massive Packaging Company Is Now Closing Locations in Florida.
Market News Today – A Massive Packaging Company Is Now Closing Locations 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.



A Home Retailer Now Files An Unexpected Bankruptcy

A home retailer now files an unexpected bankruptcy after reporting liabilities of between $100 million and $500 million, per court filings.

High-end home appliance showroom company Pirch filed for Chapter 7 bankruptcy Friday, “which signals its disappearance from the landscape after years of struggle,” reports Retail Dive.

The company, which is has been backed by private equity firm L Catterton since 2013, has assets between $10 million and $50 million, which are overshadowed by liabilities of between $100 million and $500 million, according to court documents filed with the U.S. Bankruptcy Court for the Southern District of California.

Pirch said that as of March 20, it was “temporarily closing” all its showrooms, describing that as “a pause of business to give management the opportunity to complete a go-forward plan” and saying it is “navigating through various options,” according to a notice on its website still displayed as of press time.

However, a Chapter 7 bankruptcy entails liquidation.

A decade ago, Pirch was wowing luxury appliance shoppers and winning awards with its immersive customer experience — including working faucets and stoves.

But its direct-to-consumer model, which at one point included opening locations in malls, only served to prove how important the design and building trades are to high-end appliance sales.

Pirch pulled back from its brick-and-mortar expansion and pivoted from retail years ago to maintain its focus on its California home base and strengthen ties with interior designers, architects, builders and other go-betweens.

Those relationships also seem shaky, however.

Some interior designers who were dealing with non-delivery of orders and were blindsided by the showroom closures rallied together and consulted with attorneys as Pirch maintained a silence about its prospects, according to an April discussion posted on a website run by interior design firm Pure Salt.

Pirch has also already been in court in recent weeks, facing lawsuits from customers, vendors and American Express, according to various court records.

In a lawsuit filed April 12 that paints a stark picture of the situation at Pirch, American Express noted that Pirch “abruptly halted its business operations (with no explanation) in mid-March and has refused to engage in any meaningful communication for weeks.”

“Consequently, customer disputes are piling up quickly and in exceptionally large volumes,” the payments and financial services firm said, according to the court documents.

Amex also alleges that “Pirch is inexplicably withholding transaction data and information that it is contractually obligated to provide to Amex” under their agreements.

“Amex has effectively been left ‘holding the bag’ for over $5 Million in chargebacks to date, and up to at least $33 Million in additional chargebacks requests initiated by Pirch’s customers, for which Pirch previously received the sales transaction proceeds,” American Express said in court documents.

“To make matters worse, and because no one at Pirch has communicated with Amex, it has no idea whether Pirch intends or even has the available inventory and capability to fulfill customer orders, or whether it even intends to respond to and oppose any of its customers’ disputes,” American Express said.

“There also are indications of possible fraud by Pirch that need to be investigated, adding even more urgency for the need to protect the public and grant the relief that Amex is seeking.”

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

Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing

Other Economy News Today

Market News Today - A Home Retailer Now Files An Unexpected Bankruptcy.
Market News Today – A Home Retailer Now Files An Unexpected Bankruptcy.

A massive shoe retailer now announces a new wave of layoffs to hit headquarters this summer, affecting over 700 employees.

Nike has announced its ‘second phase’ of mass layoffs, effective June 28, according to a Worker Adjustment and Retraining Notification (WARN) filing.

A total of 740 employees will be impacted in the retailer’s home state.

The layoffs are part of the 2% workforce reduction Nike announced in February, which is taking place across two phases, the company confirmed via email.

Nike said job titles and the number of employees in each category would be provided at a later date, once the company has determined them.

Bumping rights are not available for the impacted employees, reports Retail Dive.

“Nike’s always at our best when we’re on the offense. The actions that we’re taking put us in the position to right-size our organization to get after our biggest growth opportunities as interest in sport, health and wellness have never been stronger,” Nike said in a statement.

“While these changes will impact approximately 2% of our total workforce, we are grateful for the contributions made by all Nike teammates.”

The layoffs are tied to a cost-savings plan Nike unveiled in December, which is aimed at generating up to $2 billion in cumulative savings over three years.

Based on the company’s last annual report, the layoffs to 2% of its total workforce will impact more than 1,600 people.

Savings from the plan are set to be reinvested in driving growth, innovation and profitability.

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

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

Market News Published Daily 📰

Market News Today - A Home Retailer Now Files An Unexpected Bankruptcy.
Market News Today – A Home Retailer Now Files An Unexpected Bankruptcy.

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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