Category: Economy News (Page 1 of 234)

Economy news today.

A Giant Manufacturer Now Announces Unexpected Layoffs in California

A giant manufacturer now announces unexpected layoffs in California according to a state Worker Adjustment and Retraining Notification.

Thermo Fisher Scientific is laying off a total of 74 workers at a plasmid DNA manufacturing facility in Carlsbad, California, per the WARN filing.

Layoffs will take effect May 31.

The biotech and medical device company is still exploring options for the site’s future and no decision has been made regarding the fate of its operations, according to a Thermo Fisher spokesperson.

“There are times when we must adjust staffing levels to remain in line with current volume demands,” the company said in a statement.

“In alignment with this ongoing effort, we have made the decision to adjust staffing levels in our plasmids manufacturing laboratory at our location in Carlsbad, California.”

The closure comes less than three years after the biotech giant opened the site in a bid to tap into rising demand for cell and gene therapies and vaccines.

The 67,000-square-foot facility was expected to create 150 jobs when the project was first announced in December 2020. 

Sadly, the medical device and equipment manufacturer has been downsizing its California operations over the past year, particularly in the San Diego area. 

Thermo Fisher closed sites in Carroll Park Drive, Kearny Villa Road and Cornerstone last spring and cut 218 jobs amid waning demand for COVID-19 testing products. 

The financial headwinds continued throughout 2023.

The company announced $450 million in cost cuts last year, including layoffs, citing a challenging macroeconomic environment in Q2. 

Revenue was also down overall last year, sinking 5% year over year to about $42.9 billion, according to a Thermo Fisher earnings release

The company is expecting to hold relatively steady revenue in fiscal year 2024, with a guidance range of $42.1 billion to $43.3 billion, Chairman, President and CEO Marc Casper said during a January earnings call.

“The medtech and drug manufacturing industries have been rife with layoffs and downsizing in recent months amid funding challenges and the end of the pandemic-driven vaccine and testing boom,” reports MedTech Dive.

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

Other Economy News Today

Market News Today - A Giant Manufacturer Now Announces Unexpected Layoffs in California.
Market News Today – A Giant Manufacturer Now Announces Unexpected Layoffs in California.

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 - A Giant Manufacturer Now Announces Unexpected Layoffs in California.
Market News Today – A Giant Manufacturer Now Announces Unexpected Layoffs in California.

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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 Grocery Is Now Cutting Major Job Roles

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.

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 - A Massive Grocery Is Now Cutting Major Job Roles.
Market News Today – A Massive Grocery Is Now Cutting Major Job Roles.

This massive mall retailer now closes for good as theft drives its downtown area into a “doom loop”, say officials.

Macy’s has closed store doors for good alongside pharmacies and gas stations in Missouri.

St. Louis, Missouri used to have a busy downtown area, however, it’s become a dangerous place stricken with crime and empty office buildings, reports The US Sun.

A report from the Wall Street Journal on Tuesday described the “real estate nightmare” with stories of boarded-up shops and raids by police and firefighters to search for squatters and missing people.

These raids can be chaotic at times – in 2023, a search dog fell through an open window and died. Another time, a fire broke out by who authorities believed to be copper thieves.

The largest building in the city, a 44-story mammoth once owned by AT&T, is now empty after it was sold for about $3.5 million, a massive decline from 2006 when it sold for $205 million.

“Cities such as San Francisco and Chicago are trying to save their downtown office districts from spiraling into a doom loop. St. Louis is already trapped in one,” The Wall Street Journal reported.

The locals are perhaps the most fed up than anyone regarding the state of downtown with many finding the empty shops and restaurants depressing, resulting in fewer people commuting there.

The seemingly endless cycle ramped up in the years after the pandemic, which emptied out office buildings.

St. Louis’ central business district used to be home to steep foot traffic compared to other major US cities and while it has improved in the last year, it’s at a slower rate than many cities in the Midwest.

The city has also been losing residents since the Covid pandemic with the population dropping below 300,000 in 2020 – the first time this has happened since the mid-1800s.

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

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

Market News Published Daily 📰

Market News Today - A Massive Grocery Is Now Cutting Major Job Roles.
Market News Today – A Massive Grocery Is Now Cutting Major Job Roles.

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 Giant Plant in Illinois Now Makes Unexpected Layoffs

A giant plant in Illinois now makes unexpected layoffs as it sets to permanently close, following the impact of a recent recall.

PepsiCo is permanently closing a Quaker Oats plant that was temporarily shuttered recently after products it made were recalled due to Salmonella contamination.

An Illinois WARN notice showed that a total of 510 employees would be laid off.

The Danville, Illinois, plant, which has been operating for 55 years, will close June 8, according to a Facebook post from the city.

Food Safety News said the facility manufactured more than 60 products recalled in December 2023 and January 2024.

In a statement, Quaker said it determined “that meeting our future manufacturing needs would require an extended closure for enhancements and modernization.”

Production is shifting to other facilities.

Quaker has baking plants in Cedar Rapids, Iowa, and Columbia, Missouri, as well as one in Ontario, Baking Business reported.

PepsiCo said operating profit in Quaker Oats North America in 2023 declined 19% to $492 million due to the recall, operating cost increases and higher commodity costs, among other expenses.

These impacts were offset by higher pricing and productivity savings.

Food manufacturers have been closing some facilities and opening or expanding existing plants to right-size production and improve efficiencies across their manufacturing networks.

In most cases, closing locations would be too expensive to retrofit with new equipment or to make them more environmentally friendly, reports Food Dive.

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 - A Giant Plant in Illinois Now Makes Unexpected Layoffs.
Market News Today – A Giant Plant in Illinois Now Makes Unexpected Layoffs.

This massive mall retailer now closes for good as theft drives its downtown area into a “doom loop”, say officials.

Macy’s has closed store doors for good alongside pharmacies and gas stations in Missouri.

St. Louis, Missouri used to have a busy downtown area, however, it’s become a dangerous place stricken with crime and empty office buildings, reports The US Sun.

A report from the Wall Street Journal on Tuesday described the “real estate nightmare” with stories of boarded-up shops and raids by police and firefighters to search for squatters and missing people.

These raids can be chaotic at times – in 2023, a search dog fell through an open window and died. Another time, a fire broke out by who authorities believed to be copper thieves.

The largest building in the city, a 44-story mammoth once owned by AT&T, is now empty after it was sold for about $3.5 million, a massive decline from 2006 when it sold for $205 million.

“Cities such as San Francisco and Chicago are trying to save their downtown office districts from spiraling into a doom loop. St. Louis is already trapped in one,” The Wall Street Journal reported.

The locals are perhaps the most fed up than anyone regarding the state of downtown with many finding the empty shops and restaurants depressing, resulting in fewer people commuting there.

The seemingly endless cycle ramped up in the years after the pandemic, which emptied out office buildings.

St. Louis’ central business district used to be home to steep foot traffic compared to other major US cities and while it has improved in the last year, it’s at a slower rate than many cities in the Midwest.

The city has also been losing residents since the Covid pandemic with the population dropping below 300,000 in 2020 – the first time this has happened since the mid-1800s.

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

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

Market News Published Daily 📰

Market News Today - A Giant Plant in Illinois Now Makes Unexpected Layoffs.
Market News Today – A Giant Plant in Illinois Now Makes Unexpected Layoffs.

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.



This Massive Mall Retailer Now Closes For Good

This massive mall retailer now closes for good as theft drives its downtown area into a “doom loop”, say officials.

Macy’s has closed store doors for good alongside pharmacies and gas stations in Missouri.

St. Louis, Missouri used to have a busy downtown area, however, it’s become a dangerous place stricken with crime and empty office buildings, reports The US Sun.

A report from the Wall Street Journal on Tuesday described the “real estate nightmare” with stories of boarded-up shops and raids by police and firefighters to search for squatters and missing people.

These raids can be chaotic at times – in 2023, a search dog fell through an open window and died. Another time, a fire broke out by who authorities believed to be copper thieves.

The largest building in the city, a 44-story mammoth once owned by AT&T, is now empty after it was sold for about $3.5 million, a massive decline from 2006 when it sold for $205 million.

“Cities such as San Francisco and Chicago are trying to save their downtown office districts from spiraling into a doom loop. St. Louis is already trapped in one,” The Wall Street Journal reported.

The locals are perhaps the most fed up than anyone regarding the state of downtown with many finding the empty shops and restaurants depressing, resulting in fewer people commuting there.

The seemingly endless cycle ramped up in the years after the pandemic, which emptied out office buildings.

St. Louis’ central business district used to be home to steep foot traffic compared to other major US cities and while it has improved in the last year, it’s at a slower rate than many cities in the Midwest.

The city has also been losing residents since the Covid pandemic with the population dropping below 300,000 in 2020 – the first time this has happened since the mid-1800s.

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

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

Other Economy News Today

Market News Today - This Massive Mall Retailer Now Closes For Good.
Market News Today – This Massive Mall Retailer Now Closes For Good.

A famous clothing brand is now closing in Washington at a popular mall location due the continuous aftermath of the pandemic.

On April 21, Lululemon Athletica will shut down in Seattle, Washington, per The Seattle Times.

It will specifically be the store in Pacific Place downtown, a popular mall for local shoppers.

Pacific Place has reportedly suffered since the height of the coronavirus pandemic in 2020, seeing fewer customers than ever before.

Lululemon was directly affected by the decrease in foot traffic and will seemingly be vacating the location as a result.

Avison Young, the owner of Pacific Place, called the Lululemon closure “unfortunate.”

The exact reasoning behind the closure is unclear, as the company has not issued an official statement.

It also did not respond to request for comment from The Seattle Times.

Fans of the brand should have no fear even amid the closure, reports The-Sun.

Lululemon still has another location in downtown Seattle near University Village and eight other locations across Washington.

Fitness enthusiasts can still get what they need — but they may have to travel a bit farther than they used to.

Still, the shutdown is likely a shock for shoppers in the city, who recently saw another major retailer leave in the past few weeks.

Seattle’s Capitol Hill neighborhood watched earlier this month as an Amazon Fresh brick-and-mortar grocery store left for good.

Known as Pike Street Fresh, it’s last day open was April 7.

Shoppers who took advantage saw liquidation sales as high as 75% off.

Amazon confirmed that the closure was a result of its focus shifting to “larger-format” locations and leaving “smaller-format” stores like Pike Place Fresh behind.

“Over the last year, we’ve redesigned a number of our full-sized Amazon Fresh stores, offering a better overall shopping experience by bringing in an expanded selection,” spokesperson Jessica Martin told The Seattle Times.

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 - This Massive Mall Retailer Now Closes For Good.
Market News Today – This Massive Mall Retailer Now Closes For Good.

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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