Category: Economy News (Page 2 of 156)

This US Car Maker Now Announces Unexpected Layoffs

This US car maker now announces unexpected layoffs as demand takes a sharp plunge, the company said during its fourth quarter results.

Rivian said on Wednesday it would cut its workforce by 10% and forecast EV production this year that widely missed estimates, hurt by downtime for factory upgrades and slowing demand for electric vehicles due to high interest rates.

Shares of the company plunged nearly -17% in extended trading after Rivian said it expects to produce 57,000 vehicles in 2024, well below estimates of 81,700 units, according to eight analysts polled by Visible Alpha.

The company produced a total of 57,232 vehicles last year.

Rivian Automotive, Inc., is an American electric vehicle manufacturer and automotive technology and outdoor recreation company founded in 2009.

Rivian produces an electric sport utility vehicle and pickup truck on a “skateboard” platform that can support future vehicles or be adopted by other companies.

“We firmly believe in the full electrification of the automotive industry, but recognize in the short-term, the challenging macro-economic conditions,” CEO RJ Scaringe said in a statement on Wednesday.

Amazon-backed Rivian has been burning through cash to ramp up production of its R1S SUV and R1T pickup trucks as it spends on building a new factory in Georgia and loses thousands of dollars on every vehicle it builds, reports CNBC.

The company’s cash burn comes at a time when demand for EVs has slowed, with Tesla CEO Elon Musk warning that high interest rates are making cars unaffordable.

Rivian’s cash and cash equivalents were $7.86 billion at the end of the December quarter, compared with $7.94 billion in the preceding three-month period.

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Also Read: A Famous Restaurant Chain Now Closes 4 Locations in Florida

Other Economy News Today

Market News Today - This US Car Maker Now Announces Unexpected Layoffs.
Market News Today – This US Car Maker Now Announces Unexpected Layoffs.

Another popular restaurant now declares an unexpected bankruptcy after closing several chains in Chicago, Arizona, and California.

Etta Collective, a small chain that operates multiple concepts in Chicago, Arizona and Los Angeles has closed several restaurants and has filed for Chapter 11 bankruptcy, reports TheStreet.

The chain closed its namesake restaurant in Los Angeles last year and abruptly shut down a Chicago-area restaurant, Sophie’s, earlier this year.

Now, after defaulting on a $2.5 million loan, the company’s owner, restaurateur David Pisor, has officially made the bankruptcy filing.

Pisor’s Etta collective runs a number of different concepts including its namesake restaurants, a bakery cafe, Alston House, a high-end steakhouse, and Kari, an upscale sushi concept.

The chain also has Marilyn’s, a planned concept that has not opened.

Pisor has said that the bankruptcy filing was made in order to help the company continue to operate.

“We have made a proactive decision to commence this strategic reorganization process with the cooperation of our lender, who has agreed to work with us so that we can come out of this process even stronger than before,” Restaurant Business reported.

The bankruptcy process could include a sale of the brand as the investor John Leahy has emerged as a bidder for the company’s assets.

“Our aim is to best position the Etta brand for future success,” Pisor said in a statement.

“By filing for protection under Chapter 11, we will be able to restructure our financial position while continuing our daily operations and keeping our locations open. 

As has already happened in our Scottsdale location, we predict that we will emerge stronger both operationally and financially.”

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Also Read: Grocery Store With 217 Locations Now Closes For Good

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Market News Today - This US Car Maker Now Announces Unexpected Layoffs.
Market News Today – This US Car Maker Now Announces Unexpected Layoffs.

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Treat Company With 1,000 Locations Now Makes Unexpected Closure

A treat company with 1,000 locations now makes an unexpected closure in Southern California due to the store’s ‘underperformance‘.

Cookie lovers will have to find a fix for their sweet tooth somewhere else as a popular bakery with nearly 1,000 locations nationwide is closing a store in Southern California, reports The-Sun.

Earlier this month, Crumbl Cookies shut the doors of its Victorville, California location – around 39 miles north of San Bernardino.

The store was reportedly closed due to underperformance, Victor Valley News Group reported.

Crumbl Cookies is known for its massive gourmet cookies with specialty flavors like chocolate chunk, lemon cheesecake, cake batter, iced oatmeal, and more.

The popular sweet treat chain has approximately 992 locations nationwide, according to its website.

The Victorville store had been open since July 2022.

Its closing comes as several other major retailers in the area have been forced to shut down.

Local pizzeria Marco’s Pizza reportedly shut its doors in mid-January due to staffing.

While appliance retailer Howard’s Appliance TV & Mattress closed last week, according to Victor Valley News Group.

Victorville has also recently seen the closing of two CVS Pharmacy locations.

The location was reportedly set to close on Thursday.

CVS has been one of the many major retailers forced to close locations across the country amid rampant retail theft.

As many businesses have resorted to increased security measures, such as receipt checks and locking items on shelves, others have had to close their doors.

In early January, Walgreens closed a Milwaukee, Wisconsin, location 10 days earlier than expected due to shoplifting and threats.

“Employees have been threatened and theft has ramped up, so they have decided to close effective tomorrow for employees’ safety,” Milwaukee’s District 1 Alderwoman Andrea Pratt said at the time.

Businesses were led to close upwards of 3,000 stores as a result of theft in 2023 alone.

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Also Read: This Massive Mall Retailer Is Now Closing In California

Other Economy News Today

Market News Today - Treat Company With 1,000 Locations Now Makes Unexpected Closure.
Market News Today – Treat Company With 1,000 Locations Now Makes Unexpected Closure.

Unexpected school layoffs have now been confirmed in California with some employees seeing less hours or lower pay, sources report.

After declining to tentatively lay off employees in January, the Moreno Valley school board has agreed to cut the equivalent of about 70 positions, reports Sarah Hofmann with The Press Enterprise.

Though it’s routine for districts to approve possible layoffs before California’s March 15 deadline to notify affected employees and to later rescind some, the Moreno Valley Unified School District is also trying to cut costs after declaring that it’s facing “undue financial hardship” at a special meeting last month.

That resolution cites a projected 2023-24 general fund deficit of about $2 million, and the need to pay legal fees and settlements, including $121.5 million awarded to two former students who were molested by a teacher in the 1990s.

District spokesperson Anahi Velasco said in October that the insurance policy the district had at the time will cover about 11% of it, leaving the district to pay about $108 million.

Weeks before, the district also agreed to a $27 million settlement for the 2019 death of Landmark Middle School student Diego Stolz, 13, who was beaten by two school bullies and died of his injuries nine days later, TPE reports.

In January, employees and board members took issue with the 80 positions originally selected by administrators to be potentially cut.

Board members asked officials to look for other ways to cut spending, and to consider reducing more district office positions in order to keep more employees who work at schools.

“This is sad, but we have to make a decision tonight,” Vice President of the board Ruth Self-Williams, said Tuesday, Feb. 13.

The outcome, Riverside County Office of Education Chief Business Official Scott Price told the board, is that if the district “gets to a point where you’re going to run out of cash,” it would begin the process of getting a state loan, which he described as a “board takeover” in which an appointed administrator would oversee the district.

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Also Read: A US Company Now Declares An Unexpected Bankruptcy

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Market News Today - Treat Company With 1,000 Locations Now Makes Unexpected Closure.
Market News Today – Treat Company With 1,000 Locations Now Makes Unexpected Closure.

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Spectrum Now Has A Massive Outage In Southern California

Spectrum now has a massive outage in Southern California as various customers report having issues with their internet and Wi-Fi.

The most recent Spectrum outage reports came from the following cities: Los Angeles, Glendale, Burbank, Whittier, Pasadena, El Segundo, Rosemead, Torrance, South El Monte, Montebello, Huntington Park, Bellflower, Bell Gardens, Norwalk and Manhattan Beach.

Customers have been reporting of lagging data since Tuesday, with reports further compounding throughout the week.

So far, 63% of users report Spectrum’s internet being down, 14% have reported having issues with the Wi-Fi, and 10% report a TV outage.

However, customers in Southern California aren’t the only ones experiencing Spectrum outages.

The problem has now become a nationwide problem.

“Sporatic internet/phone/tv in northern NY 12966. Trying to run a business,” says New Yorker Darren Wood.

“These outages cost me money, not Spectrum. You going to credit your subscribers when these outages take place and I lose business? And I’m talking more than $5 credit.”

“Internet out in Lewisville, TX. 75057,” says another Spectrum customer.

“Out in Alton Illinois 62002 went out around 12:57am got a email from spectrum saying services would be restored by 3am then at 2:57am they said it was taking longer than expected same issue happened back on February 16th was out for 18 hours,” a Chicago resident posted on Spectrum’s outage page.

“We are aware of an outage affecting customers in Wisconsin. We apologize for the inconvenience and are working to resolve as quickly as possible. Thank you,” Spectrum last week said on X, formerly known as Twitter.

No further updates have been provided by the internet provider.

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Also Read: This Massive Mall Retailer Is Now Closing In California

Other Economy News Today

Market News Today - Spectrum Now Has A Massive Outage In Southern California.
Market News Today – Spectrum Now Has A Massive Outage In Southern California.

Unexpected school layoffs have now been confirmed in California with some employees seeing less hours or lower pay, sources report.

After declining to tentatively lay off employees in January, the Moreno Valley school board has agreed to cut the equivalent of about 70 positions, reports Sarah Hofmann with The Press Enterprise.

Though it’s routine for districts to approve possible layoffs before California’s March 15 deadline to notify affected employees and to later rescind some, the Moreno Valley Unified School District is also trying to cut costs after declaring that it’s facing “undue financial hardship” at a special meeting last month.

That resolution cites a projected 2023-24 general fund deficit of about $2 million, and the need to pay legal fees and settlements, including $121.5 million awarded to two former students who were molested by a teacher in the 1990s.

District spokesperson Anahi Velasco said in October that the insurance policy the district had at the time will cover about 11% of it, leaving the district to pay about $108 million.

Weeks before, the district also agreed to a $27 million settlement for the 2019 death of Landmark Middle School student Diego Stolz, 13, who was beaten by two school bullies and died of his injuries nine days later, TPE reports.

In January, employees and board members took issue with the 80 positions originally selected by administrators to be potentially cut.

Board members asked officials to look for other ways to cut spending, and to consider reducing more district office positions in order to keep more employees who work at schools.

“This is sad, but we have to make a decision tonight,” Vice President of the board Ruth Self-Williams, said Tuesday, Feb. 13.

The outcome, Riverside County Office of Education Chief Business Official Scott Price told the board, is that if the district “gets to a point where you’re going to run out of cash,” it would begin the process of getting a state loan, which he described as a “board takeover” in which an appointed administrator would oversee the district.

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Also Read: A Famous Restaurant Chain Now Closes 4 Locations in Florida

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Market News Today - Spectrum Now Has A Massive Outage In Southern California.
Market News Today – Spectrum Now Has A Massive Outage In Southern California.

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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.



Retailer Makes An Unexpected Closure And Launches A Liquidation Sale

A retailer makes an unexpected closure and launches a liquidation sale with a whopping 80% off items, sources now report.

The chain, B2 Outlets, became a staple retailer in Michigan, opening 29 stores across the state and one location in Ohio.

The outlet store, started by a father and son duo, began in 2013.

Within a decade, the store grew to a regional chain.

Specializing in bargains and resale, the store is now in its final days after shutting most of its locations already, The-Sun reports.

The final location, in Hudsonville, will shut its doors by the end of the month, MLive reported.

Shoppers have a limited time to take advantage of sales worth over 80% discounts on the store’s already low prices.

The location had already had major sales up to 75% and 80% off in recent months, but now the store appears to be pricing items even higher.

The store’s Facebook page details some final sales, but does not state a percentage.

All apparel at the store is selling for just $1.

“All other items” are just $2, according to one post.

More recent pictures from the store show some higher-priced items.

Facebook posts by the location show low stock, with many of the store’s shelves now for sale.

The location is also selling its shopping carts for just $30.

While B2 has had a sharp decline in the past year, it’s among many retailers closing down locations.

Mega-retailer JCPenney, for example, has plans to close at least six locations so far this year.

The recently-bankrupt company has struggled to maintain a nationwide footprint.

Sears has decayed even further – closing one of its final locations on March 3.

The chain, which is over a century old, will soon have only 12 stores open nationwide.

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Also Read: A Famous Restaurant Chain Now Closes 4 Locations in Florida

Other Economy News Today

Market News Today - Retailer Makes An Unexpected Closure And Launches A Liquidation Sale.
Market News Today – Retailer Makes An Unexpected Closure And Launches A Liquidation Sale.

A cosmetics company now makes painful store closures, affecting nearly 50% of all locations, while simultaneously cutting jobs.

The Body Shop’s administrators have announced a restructuring plan for the retailer’s UK business.

Seven of the retailer’s 198 UK stores will close immediately, and future closures will leave “more than half” the current count operating.

Additionally, the Joint Administrators plan to cut headquarters staff by approximately 40%, aiming for a future headcount of more than 400 full-time employees.

According to a press release, “Stabilizing and strengthening the central core will also support The Body Shop’s international strategy, with Global Head Franchise Partners and wholesale partners in Asia, Middle East and Europe a cornerstone of future success.”

The UK arm of the The Body Shop has entered administration, the British version of bankruptcy protection, according to Reuters and other media reports, but it will continue to operate online and via its 199 UK brick-and-mortar stores for the time being.

Private equity firm Aurelius Group purchased the retailer from Natura &Co in November 2023 for nearly $258 million.

Now, FRP Advisory has been brought in to manage the restructuring process, per Retail Touch Points.

Originally founded in 1976 by Dame Anita Roddick, The Body Shop was known for its ethically sourced natural ingredients and refillable packaging.

Founder Roddick also was a vocal activist for environmental causes, beginning in 1986 with her support for Greenpeace’s Save the Whales campaign.

In 2006 Roddick sold the company to cosmetics giant L’Oréal, which sold it again to Natura &Co in 2017.

Worldwide, the company operates approximately 3,000 stores in 70 countries.

“The Body Shop has faced an extended period of financial challenges under past owners, coinciding with a difficult trading environment for the wider retail sector,” according to a quote from FRP in the Reuters article.

FRP also noted that “the Joint Administrators will now consider all options to find a way forward for the business and will update creditors and employees in due course.”

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Also Read: Another Popular Restaurant Now Declares An Unexpected Bankruptcy

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Market News Today - Retailer Makes An Unexpected Closure And Launches A Liquidation Sale.
Market News Today – Retailer Makes An Unexpected Closure And Launches A Liquidation Sale.

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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?

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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.



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