Category: Economy News (Page 2 of 334)

Economy news today.

Four Unexpected Retailers Are Now Laying Off Hundreds in Missouri

Four unexpected retailers are now laying off hundreds in Missouri according to WARN notices filed with the state.

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.

Cherokee Nation Federal Consulting filed a notice with the Missouri Office of Workforce Development advising that it was laying off a total of 187 staff in Kansas City on June 30.

The other three businesses laying off in Missouri include:

  • Regency Enterprises Services filed a notice advising that 183 staff in St. Louis will be laid off on August 31.
  • Oregon Tool filed a notice with the Missouri Office of Workforce Development advising that it was closing a facility in Kansas City on August 2, leading to the layoff of 80 employees.
  • Food delivery business Yelloh, the iconic company formerly known as Schwan’s Home Delivery, announced the permanent closure of five of its facilities within the state.

Chuy’s Mexican Food also recently closed down a restaurant in Kansas City, Missouri.

Located at 209 W. 46th Terrace on Country Club Plaza, the joint closed its doors for good June 9.

“Thank you for being a loyal customer at Chuy’s Kansas City located at Country Club Plaza,” read a notice on the door.

“We have permanently closed this location and apologize for any inconvenience.

We appreciate all of our customers and their loyalty to this Chuy’s for so many years.”

Employees at the Country Club Plaza location told local CBS affiliate KCTV that they were legally unable to speak about the situation.

As a result of the closure, Kansas City is now without a Chuy’s.

The chain, founded in 1982, is known for its large burritos and kitschy Elvis-style dining spaces.

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

Also Read: Retirees Will Now Receive More Money For Social Security

Other Economy News Today

Market News Today - Four Unexpected Retailers Are Now Laying Off Hundreds in Missouri.
Market News Today – Four Unexpected Retailers Are Now Laying Off Hundreds in Missouri.

Applications for unemployment benefits now surge to new highs, a sign that the white-hot labor market is starting to cool off.

First-time applications for unemployment benefits rose last week to 231,000, the highest level since August, per CNN.

Thursday’s data also showed that the number of continuing claims, or applications from people who have filed for unemployment for at least one week, was 1.78 million.

That’s an increase of 17,000 from the prior week, according to the Bureau of Labor Statistics.

The latest numbers come less than a week after the monthly jobs report showed the US economy added just 175,000 positions in April, less than economists expected and a steep drop-off from prior months.

US employers have now added an average of 245,500 jobs per month, versus 2023’s 251,000-per-month average.

Still, hiring remains strong. Although the unemployment rate ticked up to 3.9% last month, it’s the 27th consecutive month that the jobless rate has held under 4%, matching a streak last seen in the late 1960s.

Weekly jobless claims data tends to be volatile but, while one week’s worth of data “does not a trend make,” said Chris Rupkey, chief economist at Fwdbonds.

“We can no longer be sure that calm seas lie ahead for the US economy if today’s weekly jobless claims are any indication.”

Company layoffs are picking up, hinting at caution on the part of companies as they weigh the outlook for the second half of the year,” he wrote in a note Thursday.

The Federal Reserve has been battling inflation by raising its key lending rate in the hopes of slowing the economy.

While the labor market has so far resisted those efforts, remaining white hot for the past 18 months despite 11 rate hikes from the central bank, Fed Chair Jerome Powell said last week that demand has “cooled from its extremely high level of a couple of years ago.”

Ian Shepherdson at Pantheon Economics said in a note Thursday: “We’d need to see at least a month of elevated readings to convince us that the trend really has turned.”

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Also Read: A Giant Company Now Announces Unexpected Layoff in Virginia

Market News Published Daily 📰

Market News Today - Four Unexpected Retailers Are Now Laying Off Hundreds in Missouri.
Market News Today – Four Unexpected Retailers Are Now Laying Off Hundreds in Missouri.

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A Restaurant in North Carolina Now Makes An Unexpected Closure

A restaurant in North Carolina now makes an unexpected closure after 40 years in business, leaving diners in the dark.

In an abrupt announcement, Floyd’s Restaurant in Charlotte, North Carolina is set to shutter next week.

The restaurant known for its home-cooked meals was launched in 1986 before moving to its current location in Freedom Mall in 1995.

Its website now states that it will permanently close on June 29, per The Charlotte Observer.

It is the last site of the soul food chain which once had four locations in the early 2000’s.

However, locals have suggested that the location may already be gone.

“Sorry to inform y’all but this restaurant on Graham St has been closed,” one Charlotte resident wrote on Facebook.

“Thought they were already closed,” another added.

Others have mourned the loss with one saying how the city is seeing numerous restaurant losses.

“First Chicken Coop, now this. I loved Floyds Stew Beef and Rice,” they wrote.

While there seems to be confusion over whether the restaurant has already shuttered, the one common factor is that no one knows why the closure has come about.

In the announcement of its closure, the restaurant did not give an explanation and owner Tyrone Floyd has not yet issued a statement.

Attempts by the Observer to contact the restaurant failed as no one answered and messages are no longer being taken.

The family business began as a sandwich shop which gradually expanded to become a fully-fledged restaurant based on recipes by Clatie Bell Floyd, Tyrone’s grandmother from South Carolina.

Tyrone previously spoke to The Charlotte Observer about the success of his family’s restaurant and its ability to survive through the pandemic.

“We never advertise on radio or TV, we just use word of mouth,” the business owner explained.

“One of the things that makes us a little different from everybody else is that when people come here they know what to expect.

Our food is always going to be consistent, it’s always going to be hot, it’s always going to be fresh and when people know what they’re going to get, they’ll come back.”

However, the entrepreneur has previously discussed the challenges of running a business.

“Restaurant business is a very stressful environment,” Floyd admitted in an interview with Entrepreneurship Interviews.

When discussing the challenges he has faced, the business owner revealed that much of it had to do with employee retention, licensing, and capital.

He offered key advice to those looking at going into the restaurant business.

“Love what you do and have good credit,” he said.

The U.S. Sun reports that it has also attempted to contact Floyd for comment.

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

Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois

Other Economy News Today

Market News Today - A Restaurant in North Carolina Now Makes An Unexpected Closure.
Market News Today – A Restaurant in North Carolina Now Makes An Unexpected Closure.

An unexpected restaurant now abruptly closes 7 locations in one state after revealing plans to shutter a total of 36.

TGI Fridays is closing a total of seven restaurants in one state as part of the company’s ongoing growth strategy.

This comes after the chain abruptly closed 36 locations across 12 states in at the beginning of the year, per The-Sun.

The restaurant chain will pull the plug on seven locations across the state of New Jersey in the coming weeks.

Today, Fridays will welcome in famished diners at its location in Brick for the final time.

“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Weldon Spangler, CEO of TGI Fridays earlier this week.

“We are at the helm of a pivotal moment that will allow us to explore boundless advancement, expansion, and innovation to keep delivering ‘That Fridays Feeling’ that our fans know and love.”

Before the closures, TGI Fridays had about 270 US locations, according to the company’s website.

“As part of the store closures, TGI Fridays is offering more than 1,000 transfer opportunities, which represents over 80% of total impacted employees,” the company previously said in a statement.

“Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise,” said Ray Risley, US president and chief operating officer, in the release.

Eight other locations were sold to former CEO Ray Blanchette, a longtime stakeholder who will acquire the previously corporate-owned restaurants.

The sale comes as major changes have been made to the brand’s leadership, including the news of Weldon Spangler being made CEO.

“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Spangler in a statement.

Also Read: Retirees Will Now Receive More Money For Social Security

Market News Published Daily 📰

Market News Today - A Restaurant in North Carolina Now Makes An Unexpected Closure.
Market News Today – A Restaurant in North Carolina Now Makes An Unexpected Closure.

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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.

Our readers can now donate $3 per month to support independent journalism.

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Massive Restaurant is Now Closing a Major Location in Tennessee

A massive restaurant is now closing a major location in Tennessee following an opposite trend of the company’s expansion plans.

Next month, the Cheesecake Factory located at the Wolfchase Galleria in Memphis will be closing its doors for good.

The news also comes as a shock to its employees.

This location, which opened in 2015, will be officially closing on July 14, as confirmed by the manager to local CBS affiliate WREG-TV.

Although the manager confirmed the restaurant’s closure, he did not confirm why the location is shutting down.

And employees are in the dark as to why as well.

In fact, workers said they found out about the closure, and subsequent termination of their jobs, just this week, reports The-Sun.

“We just hope the staff members who have been there a long time are able to find something,” location manager Jennifer Madrigao said.

“A place like Cheesecake factory relocates management, but as far as veteran staff — not everyone is able to relocate,” she explains.

The closure follows an opposite trend for the restaurant in recent years.

In fact, some residents suggest they need to take their concerns to city hall and demand action.

“I’m calling city hall to find out what the economic planning team is doing to keep and bring businesses to the city,” Lele Hughhes, a resident in the community, said on Facebook.

Cheesecake Factory, unlike most chains at this time, are in a growth phase.

This means they plan on as many new locations as possible.

In the last quarter of 2023 alone, the company opened nine new restaurants.

“During the quarter, we opened nine new restaurants to strong consumer demand,” said company Chairman and Chief Executive Officer, David Overton, in a press release at the time.

“We believe we are well-positioned to build on this momentum and continue accelerating unit growth to achieve our longer-term development objectives,” he continued.

Then in May, the company reported another five locations opened across the country in the first quarter of this year.

Right now, the company owns and operates 335 restaurants throughout the United States and Canada.

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

Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois

Other Economy News Today

Market News Today - Massive Restaurant is Now Closing a Major Location in Tennessee.
Market News Today – Massive Restaurant is Now Closing a Major Location in Tennessee.

An unexpected restaurant now abruptly closes 7 locations in one state after revealing plans to shutter a total of 36.

TGI Fridays is closing a total of seven restaurants in one state as part of the company’s ongoing growth strategy.

This comes after the chain abruptly closed 36 locations across 12 states in at the beginning of the year, per The-Sun.

The restaurant chain will pull the plug on seven locations across the state of New Jersey in the coming weeks.

Today, Fridays will welcome in famished diners at its location in Brick for the final time.

“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Weldon Spangler, CEO of TGI Fridays earlier this week.

“We are at the helm of a pivotal moment that will allow us to explore boundless advancement, expansion, and innovation to keep delivering ‘That Fridays Feeling’ that our fans know and love.”

Before the closures, TGI Fridays had about 270 US locations, according to the company’s website.

“As part of the store closures, TGI Fridays is offering more than 1,000 transfer opportunities, which represents over 80% of total impacted employees,” the company previously said in a statement.

“Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise,” said Ray Risley, US president and chief operating officer, in the release.

Eight other locations were sold to former CEO Ray Blanchette, a longtime stakeholder who will acquire the previously corporate-owned restaurants.

The sale comes as major changes have been made to the brand’s leadership, including the news of Weldon Spangler being made CEO.

“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Spangler in a statement.

Also Read: Retirees Will Now Receive More Money For Social Security

Market News Published Daily 📰

Market News Today - Massive Restaurant is Now Closing a Major Location in Tennessee.
Market News Today – Massive Restaurant is Now Closing a Major Location in Tennessee.

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.

Our readers can now donate $3 per month to support independent journalism.

For daily news and updates on your favorite stories, opt-in for push notifications.

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An Iconic Restaurant Now Closes A Famous Location in California

An iconic restaurant now closes a famous location in California after almost six decades in business, sources confirm.

Arby’s has announced the closure of one of its most iconic locations.

The shuttered restaurant had been a key fixture on Sunset Boulevard in Hollywood, Los Angeles for almost six decades, reports The US Sun.

Marilyn Leviton, 91, opened the diner in 1969 and has run it for 55 years.

However, the location has now closed its doors for good, wishing customers and the city “farewell.”

“Farewell Hollywood. TY for 55 great years,” a sign outside the Arby’s location read on Monday morning.

The Roast Beef restaurant officially shuttered on Saturday.

Leviton has said the closure comes after struggles caused by the pandemic, the state’s minimum wage increase, and other business costs including equipment upgrades ordered by chiefs.

“I’m awfully sorry that it came to this,” the former owner told KTLA News.

“Truth is, I think it was the pandemic that did us in. I really feel we would have closed during the pandemic [if it weren’t] for the federal loans,” Leviton said.

“I think we did a good job for 55 years.”

While customers have taken to Facebook calling the closure the “end of an era,” others want to preserve part of the diner that has become a historic landmark.

Outside of the Arby’s restaurant, there is a large iconic neon sign in the shape of a cowboy hat.

“Those giant Arby’s Roast Beef neon signs are slowly disappearing throughout the country. I hope at least one sign will be saved,” one customer wrote.

“Why don’t they just let it live as an iconic neon sign/ sculpture?” another suggested.

“LA never holds onto its history see: brown derby ripped apart and buried by strip malls.”

Numerous Hollywood residents suggested the sign be picked up by local museums.

Meanwhile, others shared their memories of the location.

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

Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois

Other Economy News Today

Market News Today - An Iconic Restaurant Now Closes A Famous Location in California.
Market News Today – An Iconic Restaurant Now Closes A Famous Location in California.

An unexpected restaurant now abruptly closes 7 locations in one state after revealing plans to shutter a total of 36.

TGI Fridays is closing a total of seven restaurants in one state as part of the company’s ongoing growth strategy.

This comes after the chain abruptly closed 36 locations across 12 states in at the beginning of the year, per The-Sun.

The restaurant chain will pull the plug on seven locations across the state of New Jersey in the coming weeks.

Today, Fridays will welcome in famished diners at its location in Brick for the final time.

“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Weldon Spangler, CEO of TGI Fridays earlier this week.

“We are at the helm of a pivotal moment that will allow us to explore boundless advancement, expansion, and innovation to keep delivering ‘That Fridays Feeling’ that our fans know and love.”

Before the closures, TGI Fridays had about 270 US locations, according to the company’s website.

“As part of the store closures, TGI Fridays is offering more than 1,000 transfer opportunities, which represents over 80% of total impacted employees,” the company previously said in a statement.

“Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise,” said Ray Risley, US president and chief operating officer, in the release.

Eight other locations were sold to former CEO Ray Blanchette, a longtime stakeholder who will acquire the previously corporate-owned restaurants.

The sale comes as major changes have been made to the brand’s leadership, including the news of Weldon Spangler being made CEO.

“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Spangler in a statement.

Also Read: Retirees Will Now Receive More Money For Social Security

Market News Published Daily 📰

Market News Today - An Iconic Restaurant Now Closes A Famous Location in California.
Market News Today – An Iconic Restaurant Now Closes A Famous Location in California.

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.

Our readers can now donate $3 per month to support independent journalism.

For daily news and updates on your favorite stories, opt-in for push notifications.

Follow Frank Nez on X (Twitter)Instagram, or Facebook.


Support Independent Journalism ✍🏻

Support independent journalism for just $3 per month!

Your contributions help power Franknez.com as the cost of widgets and online tools continue to rise.

Thank you for your support!



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