Category: Economy (Page 1 of 351)

An Iconic Outdoor Retailer Now Makes Painful Layoffs And Closes

An iconic outdoor retailer now makes painful layoffs and closes stores as it narrows down its assortment.

Orvis is planning to lay off a total of 112 employees, which represents approximately 8% of its workforce, as part of a strategy to ensure its longevity as a family-owned, purpose-driven brand for another 170 years.

President Simon Perkins shared this news in an email statement, highlighting the closure of some stores and the discontinuation of the company’s iconic catalog.

The Vermont-based retailer, known for its fishing and bird shooting gear as well as outdoor apparel, will also streamline its product offerings.

While this might lead to a decrease in top-line sales, the intention is to sharpen the brand’s focus.

Orvis currently operates over 80 locations in the U.S. and collaborates with more than 400 dealers globally.

These changes will take place over the next 18 months.

Employees affected by the layoffs will receive two months of full pay and benefits, additional severance, and support for health insurance and job transitions.

Perkins acknowledged the difficulty of these decisions, emphasizing their impact on employees and their communities.

Founded in 1856, Orvis has faced various cycles of change, but Perkins noted that the current challenges are particularly significant, prompting the need for bold actions to share inspiring stories, experiences, and products with customers moving forward.

Although not the original founders, the Perkins family has led the company for six decades.

Also Read: A Struggling Gas Station Chain Now Files An Unexpected Bankruptcy

Simon Perkins, who became president four years ago, previously served as chief operating officer and has extensive experience as a hunting and fishing guide in Montana.

He has focused on diversifying fly fishing and promoting conservation since joining Orvis.

The company will close a “limited number” of stores and ceasing the catalog will help refocus its marketing efforts while significantly reducing paper use by over 2,500 tons annually.

While Orvis serves a broader audience beyond just fishing and bird hunting enthusiasts, it remains committed to serious anglers, wingshooters, and conservation efforts.

The company continues to manufacture fly rods in Southern Vermont and recently celebrated the successful launch of its new Helios rod and the innovative Magnitude clear fly line collection.

Perkins reiterated the company’s simple goal: to thrive for another 170 years as a purpose-driven brand dedicated to providing lasting value to customers, employees, partners, and the environment.

He emphasized the need for adjustments to move away from historical practices that, while effective in the past, require evolution for future success.

Orvis is not alone in facing these challenges, as other outdoor retailers like REI and Patagonia have also announced layoffs in recent months.

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Also Read: A Famous Shoe Company Is Now Exiting Several Countries

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Market News Today - An Iconic Outdoor Retailer Now Makes Painful Layoffs And Closes.
Market News Today – An Iconic Outdoor Retailer Now Makes Painful Layoffs And Closes.

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Thousands of New Unexpected Layoffs Now Hit Ohio

Thousands of new unexpected layoffs now hit Ohio as more businesses warn of upcoming job cuts in the state.

Over two thousand workers are expected to lose their jobs in Ohio before the year ends according to the latest WARN data.

It’s important to understand 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.

The notice must be filed with the Ohio Department of Job and Family Services.

I’ve been reporting company layoffs in the United States for more than a year now and have another fresh report to share.

Which companies are laying off in the great state of Ohio?

Below is a new list of businesses who have filed WARN notices with the state of Ohio, warning of upcoming layoffs this year:

  • P. Graham Dunn Inc. 92 job cuts by 10/20.
  • Kaleo Inc. 5 job cuts by 11/30.
  • Cygnus Home Service dba Yelloh. 92 job cuts by 11/22.
  • Libra Industries. 45 job cuts by 12/06.
  • Faurecia Exhaust Systems. 60 job cuts by 11/4.
  • Swissport. 213 job cuts by 11/4.
  • Big Lots Stores, Inc. 379 job cuts by 10/31.
  • ZF Active Safety US Inc. 235 job cuts by 11/1.
  • Airgas. 87 job cuts by 10/31.
  • Steward Health Care System-Hillside Rehabilitation Hospital. 168 job cuts by 10/20.
  • Steward Health Care. 765 job cuts by 10/20.
  • Steward Health Care System-Northside Regional Medical Center. 9 job cuts by 10/20.
  • Steward Health Care System- Hillside Rehabilitation Hospital. 2 job cuts by 10/20.
  • Anheuser-Busch. 63 job cuts by 10/15.
  • Pitney Bowes Inc. 165 job cuts on 10/8.
  • Global Medical Response. 74 job cuts on 10/9.

The total number of layoffs happening in Ohio soon according to the latest WARN data is 2,454.

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You can also search for layoffs in other states below — leave a comment letting me know what other states you would like me to cover.

Also Read: Cisco Now Profits Billions And Makes Thousands of Unexpected Layoffs

Layoff and Unemployment Report

Market News Today - Thousands of New Unexpected Layoffs Now Hit Ohio.
Market News Today – Thousands of New Unexpected Layoffs Now Hit Ohio.

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%, it as seen 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 earlier this quarter: “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: Retirees Will Now Receive More Money For Social Security

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Market News Today - Thousands of New Unexpected Layoffs Now Hit Ohio.
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A Massive McDonald’s Supplier Is Now Laying Off 400 Workers

A massive McDonald’s supplier is now laying off 400 workers and closing a plant as the industry aims to bring back customers.

A supplier of French fries for McDonald’s is set to shut down an entire plant and lay off hundreds of workers this fall.

This decision comes as many consumers are moving away from fast food due to rising inflation and high menu prices.

Lamb Weston, one of North America’s largest French fry manufacturers, confirmed the plant closure in a press release on October 1.

Headquartered in Eagle, Idaho, Lamb Weston supplies frozen potato products to various fast food chains, grocery stores, and restaurants.

The Connell, Washington plant, located about 100 miles southwest of Spokane, will be the one affected, resulting in the layoff of 379 employees, which is about 4% of its total workforce of approximately 10,700.

The company has encouraged affected employees to apply for openings at other Lamb Weston facilities and announced upcoming job fairs to assist those laid off.

Under Washington’s Worker Adjustment and Retraining Notification (WARN) Act, employees must be informed at least 60 days prior to layoffs or closures.

Lamb Weston filed the necessary forms with the Washington State Employment Security Department as of October 1, and while the closure is set for November 30, production at the plant has already ceased as of September 30.

Lamb Weston’s CEO, Thomas Werner, attributed the closure to a “supply and demand imbalance in North America and an ongoing inflationary environment.”

He emphasized the company’s commitment to transparency and support for affected employees and their communities.

In 2024, Lamb Weston has faced financial challenges, with its market shares plummeting by 35%.

Werner noted that McDonald’s recent initiatives to attract customers with lower-priced value meals have not helped the situation.

The fast food giant introduced a $5 meal deal earlier this summer, which included a McDouble or McChicken, a four-piece chicken nugget, small fries, and a soft drink.

Werner explained that many customers have been opting for smaller fries with these promotions, raising concerns since McDonald’s accounts for about 13% of Lamb Weston’s revenue.

The fast food industry as a whole has struggled this year, with Lamb Weston reporting a collective 2% drop in customer traffic at the chains it serves last quarter, and a 3% decline the previous quarter compared to 2023.

Customers have voiced frustrations over McDonald’s pricing, with viral videos highlighting high costs for combo meals.

In response, McDonald’s CEO Chris Kempczinski has promised “menu innovation” and more appealing prices.

The chain has also been testing new value items, such as a three-piece McCrispy Chicken Strips combo for $4.99 and 50-cent burgers on National Cheeseburger Day.

Additionally, McDonald’s has faced criticism over changes to its Happy Meal toy partnership and confusion regarding new features on its McFlurry cups.

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Also Read: Here Are Where Layoffs Are Now Affecting The Most People

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Market News Today - A Massive McDonald's Supplier Is Now Laying Off 400 Workers.
Market News Today – A Massive McDonald’s Supplier Is Now Laying Off 400 Workers.

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A Famous Clothing Shop Now Shutters Without Warning

A famous clothing shop now shutters without warning after fifteen years in business, leaving fans in disappointment with its decision.

Fans are devastated after a clothing store founded by a superstar has shut down unexpectedly.

Pretty Green, a menswear brand launched in 2009 by Liam Gallagher of Oasis fame, announced its closure just as news of an Oasis reunion surfaced.

Located on King Street in Manchester, the store featured clothing that embodied the band’s iconic style, including parkas, jackets, and t-shirts adorned with Oasis lyrics.

Despite being acquired by JD Sports in 2019 and then by Frasers Group in 2022, the brand maintained its connection to the Oasis aesthetic, making its closure all the more upsetting for fans.

At its peak, Pretty Green operated 12 standalone stores, but currently, only one remains in Sheffield, with most sales now conducted online.

The brand shared the news of its Manchester store’s closure through an Instagram post, expressing gratitude to supporters and reflecting on the great memories made over the years.

Shoppers quickly voiced their disappointment in the comments. One fan lamented, “Why is it closing? People travel to Manchester just for that shop. I won’t be going all the way to Sheffield for it.”

Another remarked on the timing of the closure, given the renewed interest in Oasis and the Gallagher brothers.

A third user added, “Another one down. Manchester is losing its soul.”

The store was considered a cornerstone of the brand, situated in the city where Oasis was formed and selling a variety of music memorabilia.

Fans had been excited by the recent announcement of the Oasis reunion, with many waiting in long lines and spending significant amounts on tickets.

This closure is not the first challenge for the iconic brand. Gallagher previously sold it to JD Sports after accumulating £18 million in debt.

Many are puzzled as to how the brand faced financial difficulties, especially after initially thriving and attracting celebrity investors, including former Chelsea and England midfielder Joe Cole.

The King Street location, which featured two floors, will no longer offer its signature button-up shirts or host music nights with local performances.

In 2022, film director Charlie Lightening even showcased photos of Liam Gallagher at the store during his Knebworth gig.

In a nod to its 15th anniversary, Pretty Green announced the release of an “Anniversary Paisley” print available on a parka, but customers will have to purchase it online or at the Sheffield store.

The brand concluded its Instagram post with a quote from an Oasis song: “We’ve got a bunch of new things coming though, so stay tuned… #prettygreen #liveforever.”

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Also Read: A Famous Shoe Company Is Now Exiting Several Countries

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Market News Today - A Famous Clothing Shop Now Shutters Without Warning.
Market News Today – A Famous Clothing Shop Now Shutters Without Warning.

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US Banks Are Now Preparing To Report Massive Losses

US banks are now preparing to report massive losses and shrinking margins according to new media reports citing fresh data.

According to a recent report, the largest banks in the U.S. are set to announce third-quarter results characterized by reduced profit margins and falling earnings.

JPMorgan Chase and Wells Fargo are scheduled to release their Q3 earnings this Friday.

Analysts predict that JPMorgan will show a nearly 8% decrease in earnings per share, while Wells Fargo is anticipated to report a nearly 14% decline, according to data from the London Stock Exchange Group (LSEG).

Next week, Bank of America is also expected to report about a 14% drop in earnings per share, Citigroup is projected to see a 20% decrease, and Goldman Sachs may experience a substantial 35% decline.

This widespread drop in earnings is attributed to increasing deposit costs, weak demand for loans, and a decrease in net interest income (NII).

Despite the pressures from shrinking margins, banks are expected to generate robust revenues from other sectors, including investment banking and trading.

Analysts at Oppenheimer noted that consumer loan delinquencies have decreased and highlighted that banks have built significant reserves to address potential losses in office loans.

Oppenheimer also forecasts an average 7% increase in investment banking revenues across the industry, although banks may report a downturn in trading revenue due to a seasonal decline in trading volumes.

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Also Read: Massive Bank of America Glitch Now Drains Accounts To Zero

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Market News Today - US Banks Are Now Preparing To Report Massive Losses.
Market News Today – US Banks Are Now Preparing To Report Massive Losses.

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