Category: Finance News (Page 2 of 521)

A Discount Retailer Now Confirms Painful Closures Nationwide

A discount retailer now confirms painful closures nationwide, with its latest shutter happening in California very soon.

Big Lots has offered shoppers at one of its locations 20% off as it plans to shut one of many upcoming locations.

The discount chain has not confirmed when its Atascadero, California, around 100 miles north of Santa Barbara, location will close its doors for good.

However, shoppers at this Central California branch were met with a yellow sign outside of the store that confirmed it would be closing soon, according to the SLO Tribune.

The banner wrote that this would be the only Big Lots store in the area to go.

Shoppers will also be offered a 20% discount on goods, with a few exceptions, at this shutting location.

Locals shared their sad thoughts on this news in the comments of a Facebook post.

“Atascadero is the best Big Lots around, so clean and well organized,” one person said.

“I’ll miss it.”

“One of my favorite places to shop in Santa Maria Calif.,” another local wrote.

This comes as the struggling retailer confirmed it would close 35 to 40 stores this year, The U.S. Sun previously reported.

Despite the closures, Big Lots did say it would also open three new locations.

Rising inflation has played a massive role in the struggling retail chain’s store closure decisions.

Big Lots reported financial losses in 2022 and 2023.

It had also closed 52 stores in 2023 alone.

The chain has also reported losses of up to $205 million in the first quarter of 2024, according to a June Securities and Exchange Commission filing.

Big Lots currently has 1,389 stores nationwide.

Are you concerned of these store closures happening across the US?

Leave your thoughts below.

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

Other Economy News Today

Market News Today - A Discount Retailer Now Confirms Painful Closures Nationwide.
Market News Today – A Discount Retailer Now Confirms Painful Closures Nationwide.

A beloved grocery chain now confirms unexpected closures across the Northeast taking place by the end of the year.

Grocery chain Stop & Shop has announced that a total of 32 underperforming locations will shutter in the U.S.

The company said the select stores across the Northeast will be closed before the end of the year.

Stores in New Jersey, Massachusetts, New York, Connecticut, and Rhode Island will close by November 2.

In May, the company announced the coming store closures.

“Stop & Shop has evaluated its overall store portfolio and made the difficult decision to close underperforming stores to create a healthy base for the future growth of our brand,” company president Gordon Reid said, per a July 12 press release.

The company’s president added that the closures were essential “to create a healthy base for the future growth of our brand.”

Fortunately, employees will be offered other positions within the company, according to a press release.

The grocery outlet first opened in 2014 and currently has around 400 stores and 60,000 employees, per Fox affiliate KRLD.

Stop & Shop is owned by Ahold Delhaize which also owns Food Lion, Giant Food, and Hannaford.

Which grocery stores are closing?

In New Jersey, 10 locations will close, while only seven will close in New York.

Rhode Island will see two closures and Massachusetts, the home of the first location, will be closing eight.

Five stores will also be closing in Connecticut.

As other chains such as Walmart and Amazon join the grocery business, it has pushed traditional grocery stores out of view, reports The-Sun.

Stop & Shop hopes the closure of underperforming stores will create “future growth” for the company.

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

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Market News Today - A Discount Retailer Now Confirms Painful Closures Nationwide.
Market News Today – A Discount Retailer Now Confirms Painful Closures Nationwide.

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An Essential Retailer is Now Closing A Whopping 400 Stores

An essential retailer is now closing a whopping 400 stores after it filed for chapter 11 bankruptcy in October of last year.

When Rite Aid filed for Chapter 11 bankruptcy, it said it would close a total of 143 locations.

However, that number has steadily grown with more closures being shared this week bringing the total to more than 520 store closures.

This is equivalent to a quarter of the pharmacy chain’s locations, reports TheStreet.

In addition to its Chapter 11 bankruptcy Rite Aid shared on July 15 that it suffered “an incident that involved certain consumers’ personal information,” the chain shared on its website.

Rite Aid notified customers who were impacted by mailing them letters.

“On June 6, 2024, an unknown third party impersonated a company employee to compromise their business credentials and gain access to certain business systems.

We detected the incident within 12 hours and immediately launched an investigation to terminate the unauthorized access, remediate affected systems, and ascertain if any customer data was impacted.

We also reported the incident to law enforcement, as well as federal and state regulators,” the company shared.

The stolen data included the purchaser’s name, address, date of birth, and driver’s license number or other forms of government-issued ID presented at the time of purchase between June 6, 2017, and July 30, 2018.

Rite Aid did say that no social security numbers, financial information, or patient information were impacted by the incident.

Rite Aid has opened a dedicated phone line for customers who are concerned about the breach.

“Anyone with additional questions may call our dedicated assistance line toll-free at (866) 810-8094 from 8 a.m. to 5:30 p.m. Central Time, Monday – Friday, excluding holidays.

This line will remain open until October 15, 2024,” it added.

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

Other Economy News Today

Market News Today - An Essential Retailer is Now Closing A Whopping 400 Stores.
Market News Today – An Essential Retailer is Now Closing A Whopping 400 Stores.

A beloved grocery chain now confirms unexpected closures across the Northeast taking place by the end of the year.

Grocery chain Stop & Shop has announced that a total of 32 underperforming locations will shutter in the U.S.

The company said the select stores across the Northeast will be closed before the end of the year.

Stores in New Jersey, Massachusetts, New York, Connecticut, and Rhode Island will close by November 2.

In May, the company announced the coming store closures.

“Stop & Shop has evaluated its overall store portfolio and made the difficult decision to close underperforming stores to create a healthy base for the future growth of our brand,” company president Gordon Reid said, per a July 12 press release.

The company’s president added that the closures were essential “to create a healthy base for the future growth of our brand.”

Fortunately, employees will be offered other positions within the company, according to a press release.

The grocery outlet first opened in 2014 and currently has around 400 stores and 60,000 employees, per Fox affiliate KRLD.

Stop & Shop is owned by Ahold Delhaize which also owns Food Lion, Giant Food, and Hannaford.

Which grocery stores are closing?

In New Jersey, 10 locations will close, while only seven will close in New York.

Rhode Island will see two closures and Massachusetts, the home of the first location, will be closing eight.

Five stores will also be closing in Connecticut.

As other chains such as Walmart and Amazon join the grocery business, it has pushed traditional grocery stores out of view, reports The-Sun.

Stop & Shop hopes the closure of underperforming stores will create “future growth” for the company.

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

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Market News Today - An Essential Retailer is Now Closing A Whopping 400 Stores.
Market News Today – An Essential Retailer is Now Closing A Whopping 400 Stores.

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Surprising Wisconsin Company is Now Laying Off Thousands of Workers

A surprising Wisconsin company is now laying off thousands of workers in Fond du Lac, according to a spokesperson.

Approximately 1,700 hourly employees will be affected by ‘short-term layoffs’ at Mercury Marine.

Employees say they were surprised about the announcement and are nervous about the future, per NBC 26.

The affected employees will lose eight weeks of work, broken up into two week increments.

When the company was asked if more layoffs are coming, Mercury said it will “continue to monitor demand.”

The news comes after the company laid off more than 400 employees earlier this year.

A memo to employees obtained by NBC 26 shows that from early July through November, affected hourly workers will each lose eight weeks of work, broken up into two week increments.

Gordon said the 1,700 employees won’t be paid during the short-term layoffs that take place in two-week increments, but they can apply for unemployment.

I spoke with several workers who are going through the layoffs, including a man whose identity we agreed to disguise to protect his job.

“It’s really going to cut into a lot of people with budgets,” the employee said.

“Some friends that I know work there are going to fall behind on child support because they’re not making the money they they would normally be making.”

He said even if he collects unemployment, he’ll only get about half of his paycheck.

He said he’s looking for another job, but is struggling to find one that will pay as much as Mercury and is near Fond du Lac.

“It’s going to hurt a lot of people, especially in the pocketbook… there’s just no way to make up the difference,” the employee said.

In a statement, spokesperson Lee Gordon said: “Mercury continues to grow market-share around the world and still employs thousands of people in Wisconsin and will continue to do so – but right now, it’s not sufficient to fully offset the overall market headwinds.”

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

Other Economy News Today

Market News Today - A Surprising Wisconsin Company is Now Laying Off Thousands of Workers.
Market News Today – A Surprising Wisconsin Company is Now Laying Off Thousands of Workers.

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 Layoffs in Virginia

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Market News Today - A Surprising Wisconsin Company is Now Laying Off Thousands of Workers.
Market News Today – A Surprising Wisconsin Company is Now Laying Off Thousands of Workers.

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US Bank Branch Closures Now Hit The State of Virginia

US bank branch closures now hit the state of Virginia in a time where the United States has seen US bank branch closures nationwide.

Banks have closed a total of 539 branches in just six months – with Wells Fargo, Chase among those shutting the most, per Daily Mail.

Virginia has seen a total of 15 bank branch closures so far this year, making it one of the most impacted states in the country.

If this trend persists, more than 1,000 branches could disappear from malls, town centers, and city streets nationwide by year’s end, according to the outlet’s report.

“This mass departure raises serious concerns about the future of banking accessibility in Virginia, especially for those who rely on in-person services,” says NewsBreak journalist Ash Jurberg.

“These closures can lead to “banking deserts” when communities are left without access to a bank or credit union within 10 miles.”

Unfortunately, studies have shown that residents in these areas where bank closures are common, are more likely to turn to non-traditional and high-fee lending options such as payday loans and check-cashing services, which further adds to the wealth gap.

The National Community Reinvestment Coalition warns of several adverse effects on communities when bank branches close.

Small business lending and activity in the area for example typically tends to decline.

This leads to more people becoming vulnerable to potential predatory financial services as well.

Which banks have closed branches in Virginia this year?

Below is a list of Virginia bank branch closures:

  • Arlington: 2100 F Crystal Drive, Capital One
  • Charlottesville: 180 Mccormick Rd., Bank of America
  • Dublin: 5225 Alexander Road, Woodforest NB
  • Fairfax: 3941 Pickett Road, Capital One
  • Fairfax: 9504 Main Street, TD Bank
  • Falls Church: 402 West Broad Street, PNC Bank
  • Fredericksburg: 125 Washington Square Plaza, Woodforest NB
  • Jonesville: 468 Trade Center Lane, Woodforest NB
  • Manassas: 5575 Ashland Community Square, Capital One
  • Midlothian: 13200 Hull Street Road, Wells Fargo Bank
  • Norfolk: 580 East Main Street, Old Point NB of Phoebus
  • Onley: 25306 Lankford Hwy., Shore United Bank
  • Sterling: 45415 Dulles Crossing Plaza, Woodforest NB
  • Woodbridge: 14901 Potomac Town Place, Capital One
  • Woodbridge: 1708 Old Bridge Road, Bank of America

Are you concerned with today’s U.S bank branch closures? Leave your thoughts in the comment section below.

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Also Read: A Massive US Bank is Now Closing Credit Cards

Other Economy News Today

Market News Today - US Bank Branch Closures Now Hit The State of Virginia.
Market News Today – US Bank Branch Closures Now Hit The State of Virginia.

A banker is now convicted for stealing money from customers while working at Bank of America over a 10-year period.

The personal banker was arrested after her years-long scam, resulting in nearly $300,000 being stolen, came to light.

Police in Seneca, South Carolina said they received a report in 2013 about missing money from an account with Bank of America.

The victim, who also reported the incident to the Customer Service department, told police he was missing around $30,000.

Investigators worked with Bank of America for several weeks after the crime was reported and learned that an employee who had been stealing money from several people in Oconee County.

The police said the victims would use the Bank of America location in Seneca as their primary bank and Bobbi Cortese was their personal banker.

Seneca Police investigators and the US Secret Service spent nearly a decade doing more interviews.

Meanwhile, Bank of America was given time to complete an internal investigation.

It was revealed that Cortese had stolen nearly $300,000 from four people while working at the bank.

Some of the money was in the victims’ bank accounts for life insurance payouts related to the deaths of their spouses.

Others had a lifetime of earnings that was supposed to be used for their retirement, said police.

Cortese would open accounts under the victims’ names without their knowledge or consent and would perform a “shell game.”

This is when a scammer uses the money from one victim to replace what she stole from another victim.

After investigating further, police said Cortese forged several documents and issued them to the victims to hide the theft.

She committed these acts for about four years while working at the Bank of America, said police.

Cortese was arrested in May 2023 and charged with four counts of breach of trust and two counts of forgery.

She was later fired by the bank, reports The-Sun.

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Also Read: A Massive Bank Now Freezes Money From Direct Deposits

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Market News Today - US Bank Branch Closures Now Hit The State of Virginia.
Market News Today – US Bank Branch Closures Now Hit The State of Virginia.

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A Massive Company In Ohio Is Now Moving Jobs Overseas

A massive company in Ohio is now moving jobs overseas, affecting nearly 200 jobs from hard working American citizens.

Goodyear Tire & Rubber Co. is relocating a total of 175 jobs to a new Costa Rica in Akron, the company said Friday.

Goodyear confirmed to the Beacon Journal that some workers at its Akron headquarters will be laid off, but it declined to specify the number affected here.

However, a Goodyear spokesperson said no union employees are affected by the layoffs.

“As part of our Goodyear Forward transformation plan, we are relocating 175 roles supporting our Americas business and corporate functions to a new Goodyear location in Costa Rica, effective in early 2025,” the company said in a statement.

Not including employees on leave, more than 2,500 of Goodyear’s approximately 71,000 employees work in Akron, and most of them work at the company’s headquarters, the spokesperson said.

Goodyear President Mark Stewart said in May that the company had trimmed 135 positions in the U.S. and Latin America.

In March, the Beacon Journal reported on Goodyear’s plans to cease operations at its Malaysia plant June 30, leaving about 550 employees jobless.

And in September, Goodyear confirmed plans to remove about 1,200 positions in its Europe, Middle East and Africa sector.

Are you concerned with the continuous layoffs in the United States?

Leave your thoughts in the comment section below.

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

Other Economy News Today

Market News Today - A Massive Company In Ohio Is Now Moving Jobs Overseas.
Market News Today – A Massive Company In Ohio Is Now Moving Jobs Overseas.

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.”

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

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

Market News Published Daily 📰

Market News Today - A Massive Company In Ohio Is Now Moving Jobs Overseas.
Market News Today – A Massive Company In Ohio Is Now Moving Jobs Overseas.

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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Support Independent Journalism ✍🏻

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