Category: Layoff News (Page 1 of 10)

A 17-Unit Franchisee Now Files For an Unexpected Bankruptcy

A 17-unit franchisee now files for an unexpected bankruptcy after major losses at three of its locations push the operator for protection.

RRG, a 17-unit Popeyes franchisee based in Georgia, filed for Chapter 11 bankruptcy protections at the end of January, court records from the U.S. Bankruptcy Court for the Southern District of Georgia show.

RRG “intends to continue the operation of its business during the bankruptcy while eliminating poor performing locations,” the operator said in court documents.

The Popeyes operator is one of the first multi-unit franchisees to file for bankruptcy in 2024, and the second Popeyes operator to file since last March, when Premier Cajun Kings sought Chapter 11 protections after the death of its owner cast the company into disorder, reports Restaurant Dive.

With cost pressures holding steady in 2024, experts say more franchisees may fall into default this year.

Franchisees that borrowed extensively during the pandemic may be at risk of default, given the slippage of margins and traffic relative to 2020 and 2021 and the high cost of money, finance and bankruptcy experts say.

In November 2023, three separate multi-unit franchisees of different restaurant companies — Wendy’s, Burger King, and Denny’s — all filed for bankruptcy.

The fall of RRG has extended the run of multi-unit franchisee bankruptcies into 2024.

The failure of three of RRG’s restaurants is the proximate cause for the bankruptcy, court records show.

These restaurants lost money and became a burden on the remaining restaurants operated by RRG, which was then unable to meet the lease terms on its remaining restaurants.

The company “needs to cure those arrearages to avoid lease termination,” according to court documents.

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

Also Read: A Home Furniture Retailer Now Files For Unexpected Bankruptcy

Other Economy News Today

Market News Today - A 17-Unit Franchisee Now Files For an Unexpected Bankruptcy.
Market News Today – A 17-Unit Franchisee Now Files For an Unexpected Bankruptcy.

A massive beverage distributor now shutters in Texas and will lay off 109 employees starting in late February.

Jumbo Beverages, a subsidiary of Glazer’s Beer and Beverages, is permanently shuttering a warehouse in Grapevine, Texas, on Feb. 29, according to a WARN filing.

The closure will impact 109 employees, with a majority of the layoffs expected to occur on Feb. 29, while remaining employees will be separated on April 30, according to a notice emailed to Supply Chain Dive.

The letter didn’t state why the distributor is closing its warehouse.

Jumbo Beverages is a subsidiary of distributor Glazer’s Beer and Beverage, and represents 34 beverage companies, including Nesquik, San Pellegrino and Fiji Water, across 13 counties in North Texas, according to the company’s website.

While Jumbo Beverages may be closing its facility, other beverage distributors have been investing in their warehouse operations.

Southern Glazer’s Wine and Spirits, for instance, is planning to deploy AI technology and robotics warehouse automation in select distribution centers by 2025, reports Supply Chain Dive.

“The tech aims to improve order accuracy, fill rates and increase capacity.”

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

Also Read: A Popular Clothing Retailer Now Begins An Unexpected Liquidation

Market News Published Daily 📰

Market News Today - A 17-Unit Franchisee Now Files For an Unexpected Bankruptcy.
Market News Today – A 17-Unit Franchisee Now Files For an Unexpected Bankruptcy.

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Essential Retailer Now Makes Unexpected Closures in Washington

An essential retailer now makes unexpected closure in Washington, a trend seen nationwide after its bankruptcy filing last year.

Rite Aid’s financial troubles have been escalating since the closure of the Wenatchee store in March 2020.

In October 2023, the company filed for Chapter 11 bankruptcy with over $3.3 billion in debt.

Lawsuits related to opioid painkiller prescriptions played a role, leading to a plan to close a significant number of underperforming stores across 17 states.

Now the essential retailer is closing stores in Washington.

However the impact also extends to California, affecting communities and sparking concerns about the overall state of the pharmacy industry.

Initially, Rite Aid planned to close 154 stores nationwide, but recent reports indicate a significant uptick.

The company has now announced the closure of 72 more locations, including 22 in California and four in Washington State.

The affected Washington locations include:

  • 1820 N 45th Street, Seattle
  • 1825 Broadway, Everett
  • 2028 East Isaacs Avenue, Walla Walla
  • 23940 NE State Route 3, Belfair

Rite Aid’s competitors are facing similar challenges.

Walgreens is undergoing staff reductions, as well as store closures nationwide.

The retailer is now laying off 145 employees, mostly in its corporate workforce, a spokesperson confirmed.

In November, Walgreens laid off 5% of its corporate workforce, capping off a year of hundreds of announced store closures, a previous round of layoffs and turnover in the C-suite.

The latter included the departure of its CEO, CFO, CIO, chief medical officer and chief marketing officer, Retail Dive reports.

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

Also Read: A Grocery Store With 900 Locations Now Makes Unexpected Closure

Other Economy News Today

Market News Today - Essential Retailer Now Makes Unexpected Closures in Washington.
Market News Today – Essential Retailer Now Makes Unexpected Closures in Washington.

A massive beverage distributor now shutters in Texas and will lay off 109 employees starting in late February.

Jumbo Beverages, a subsidiary of Glazer’s Beer and Beverages, is permanently shuttering a warehouse in Grapevine, Texas, on Feb. 29, according to a WARN filing.

The closure will impact 109 employees, with a majority of the layoffs expected to occur on Feb. 29, while remaining employees will be separated on April 30, according to a notice emailed to Supply Chain Dive.

The letter didn’t state why the distributor is closing its warehouse.

Jumbo Beverages is a subsidiary of distributor Glazer’s Beer and Beverage, and represents 34 beverage companies, including Nesquik, San Pellegrino and Fiji Water, across 13 counties in North Texas, according to the company’s website.

While Jumbo Beverages may be closing its facility, other beverage distributors have been investing in their warehouse operations.

Southern Glazer’s Wine and Spirits, for instance, is planning to deploy AI technology and robotics warehouse automation in select distribution centers by 2025, reports Supply Chain Dive.

“The tech aims to improve order accuracy, fill rates and increase capacity.”

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

Also Read: A Popular Clothing Retailer Now Begins An Unexpected Liquidation

Market News Published Daily 📰

Market News Today - Essential Retailer Now Makes Unexpected Closures in Washington.
Market News Today – Essential Retailer Now Makes Unexpected Closures in Washington.

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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.



Tech Company Now Announces an Unexpected 440 Job Cuts

An American tech company now announces an unexpected 440 job cuts, or 6% of its workforce as part of a restructuring plan.

DocuSign, which is headquartered in San Francisco, California, employs 7,336 workers according to its most recent filing with the SEC, which means the layoffs will affect around 440 jobs, reports CNBC.

Shares of the company are currently down more than -15% within the last five trading days with the price tumbling during the announcement.

DocuSign announced on Tuesday that it will cut 6% of its workforce as part of a restructuring plan that aims to improve the company’s “financial and operational efficiency,” according to a release.

DocuSign said the restructuring plan will be largely complete by the end of its second fiscal quarter of 2025, according to the release.

The company added that it expects to “meet or exceed” its fourth-quarter and fiscal-2024 guidance that it outlined in a release in December.

The company said it will share more details about the restructuring when its fourth-quarter results are released.

In January, shares of DocuSign soared on reports that Bain Capital and Hellman & Friedman were competing to buy the online signature provider.

But talks between the firms and the company have reportedly stalled over deal price disagreements, Reuters reported Monday.

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

Also Read: A Grocery Store With 900 Locations Now Makes Unexpected Closure

Other Economy News Today

Market News Today - Tech Company Now Announces an Unexpected 440 Job Cuts.
Market News Today – Tech Company Now Announces an Unexpected 440 Job Cuts.

A massive beverage distributor now shutters in Texas and will lay off 109 employees starting in late February.

Jumbo Beverages, a subsidiary of Glazer’s Beer and Beverages, is permanently shuttering a warehouse in Grapevine, Texas, on Feb. 29, according to a WARN filing.

The closure will impact 109 employees, with a majority of the layoffs expected to occur on Feb. 29, while remaining employees will be separated on April 30, according to a notice emailed to Supply Chain Dive.

The letter didn’t state why the distributor is closing its warehouse.

Jumbo Beverages is a subsidiary of distributor Glazer’s Beer and Beverage, and represents 34 beverage companies, including Nesquik, San Pellegrino and Fiji Water, across 13 counties in North Texas, according to the company’s website.

While Jumbo Beverages may be closing its facility, other beverage distributors have been investing in their warehouse operations.

Southern Glazer’s Wine and Spirits, for instance, is planning to deploy AI technology and robotics warehouse automation in select distribution centers by 2025, reports Supply Chain Dive.

“The tech aims to improve order accuracy, fill rates and increase capacity.”

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

Also Read: A Popular Clothing Retailer Now Begins An Unexpected Liquidation

Market News Published Daily 📰

Market News Today - Tech Company Now Announces an Unexpected 440 Job Cuts.
Market News Today – Tech Company Now Announces an Unexpected 440 Job Cuts.

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 Popular Furniture Store Now Announces an Unexpected Closure

A popular furniture store now announces an unexpected closure, shuttering a total of 6 locations in the same city, sources report.

The RoomPlace announced on Friday that a total of six locations in and around Indianapolis, Indiana would be closing as the company files for Chapter 11 bankruptcy.

Locations in Kenosha, Wisconsin and Peoria, Illinois are also set to close their doors.

The Bed Bath and Beyond rival has claimed that the restructuring will allow the retailer to strengthen its business in other populous areas, such as Chicago, Illinois.

CEO Bruce Berman confirmed that the decision to close the stores was not “easy.”

“As a family-run business with strong community ties, it’s not an easy decision to close stores and impact the people who work, shop and live in the affected communities,” Berman told Furniture Today.

“Retail sales throughout the country continue to be down, and our industry has been hit hard.

We’re making the tough decisions now to ensure we’re around for another 100 years.”

As six stores are shuttering, the company is looking to strengthen 18 locations in and around the Chicago area.

“What was once viewed as taboo is now a strategic way to realign and strengthen a business,” Berman said.

The CEO has said the company is hopeful the changes will “align its costs with its projected sales and economic realities.”

Berman acquired The RoomPlace, which opened in 1912 after winning an auction in December 2011.

No date has been yet set for the closure of the six locations and any orders placed before February 2 are expected to still be fulfilled.

The RoomPlace stores affected by the decision are located at 5651 E. 86th St., 7609 Shelby St., 8401 Michigan Road, 8301 E. Washington St. in Indianapolis; 14640 Greyhound Plaza in Carmel; as well as 2575 E. Main St., Suite 198, in Plainfield.

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

Also Read: A Grocery Store With 900 Locations Now Makes Unexpected Closure

Other Economy News Today

Market News Today - A Popular Furniture Store Now Announces an Unexpected Closure.
Market News Today – A Popular Furniture Store Now Announces an Unexpected Closure.

A massive beverage distributor now shutters in Texas and will lay off 109 employees starting in late February.

Jumbo Beverages, a subsidiary of Glazer’s Beer and Beverages, is permanently shuttering a warehouse in Grapevine, Texas, on Feb. 29, according to a WARN filing.

The closure will impact 109 employees, with a majority of the layoffs expected to occur on Feb. 29, while remaining employees will be separated on April 30, according to a notice emailed to Supply Chain Dive.

The letter didn’t state why the distributor is closing its warehouse.

Jumbo Beverages is a subsidiary of distributor Glazer’s Beer and Beverage, and represents 34 beverage companies, including Nesquik, San Pellegrino and Fiji Water, across 13 counties in North Texas, according to the company’s website.

While Jumbo Beverages may be closing its facility, other beverage distributors have been investing in their warehouse operations.

Southern Glazer’s Wine and Spirits, for instance, is planning to deploy AI technology and robotics warehouse automation in select distribution centers by 2025, reports Supply Chain Dive.

“The tech aims to improve order accuracy, fill rates and increase capacity.”

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

Also Read: A Popular Clothing Retailer Now Begins An Unexpected Liquidation

Market News Published Daily 📰

Market News Today - A Popular Furniture Store Now Announces an Unexpected Closure.
Market News Today – A Popular Furniture Store Now Announces an Unexpected Closure.

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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