Category: Market News (Page 1 of 421)

An Unexpected Wave of New Layoffs Now Hits Washington

An unexpected wave of new layoffs now hits Washington as more businesses file WARN notices advising of upcoming job cuts.

Online travel agency Expedia is cutting a whopping 1,500 employees, equal to 9% of its total workforce, with a total of 208 employees losing their jobs in Seattle.

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.

These must be filed with the Washington Employment Security Department.

Expedia filed a notice this week advising of the layoffs.

“Given the recent completion of many significant technical milestones in Expedia Group’s transformation, the business continues to evaluate the appropriate allocation of resources to ensure the most important work continues to be prioritized,” said a spokesperson for Expedia.

However, the travel company is only one of many other businesses laying off in Washington.

Below is a list of companies that have advised of upcoming layoffs in Washington:

  • Expedia. 208 job cuts by 5/1.
  • Del Monte Foods, Inc. 127 job cuts by 4/26.
  • Output Services Group, Inc. 76 job cuts by 4/19.
  • Lost Boys Interactive, LLC. 7 job cuts by 3/15.
  • WestRock. 87 job cuts by 3/18.
  • Northwest Motorsport, LLC. 142 job cuts by 3/24.
  • Block. 43 job cuts by 3/30.
  • Thermoforming Systems, LLC. 66 job cuts by 3/31.
  • Penske Logistics. 125 job cuts by 3/31.
  • Sonoco Products Co. 34 job cuts by 3/01.
  • RaterLabs. 3,657 job cuts by 4/06.
  • Skagit Horticulture, LLC. 169 job cuts by 4/07.
  • Appen AI, Inc. 2 job cuts by 4/08.
  • Roy Farms, SPC. 29 job cuts by 4/15.
Layoffs in Washington 2024.
Layoffs in Washington 2024.

So far for 2024, there has been 5,659 job cuts in Washington across 19 businesses according to the latest WARN data.

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

Also Read: This Massive Restaurant Is Now Closing 41 Locations

Other Economy News Today

Market News Today - An Unexpected Wave of New Layoffs Now Hits Washington.
Market News Today – An Unexpected Wave of New Layoffs Now Hits Washington.

A giant Amazon seller now declares an unexpected bankruptcy, part of a restructuring agreement with lenders to slash its debt.

Walpole, Massachusetts-based Thrasio is asking the court to oversee a restructuring agreement with lenders, which will allow it to cut about $495 million in debt and defer its interest payments for a year after it exists bankruptcy.

The third-party seller for Amazon filed for Chapter 11 bankruptcy protection in a New Jersey court on Wednesday, reports ABC News.

Thrasio is what is known as an Amazon aggregator, companies that buy other, smaller Amazon sellers, the independent businesses responsible for the majority of sales on the dominant e-commerce platform.

Aggregators raised large sums from investors seeking to cash in from Amazon sellers as online sales boomed during the COVID-19 pandemic.

But that growth slowed as the pandemic eased and shoppers began to purchase more items in person, or shifted their spending toward other things, like traveling and dining.

Last year, another Amazon aggregator, Benitago, filed for bankruptcy.

In its filing, Thrasio said it has received commitments of up to $90 million in new financing from lenders.

The company is listing up to $10 billion in assets and up to $1 billion in liabilities.

“Thrasio is one of the largest third-party sellers on the Amazon marketplace, and with a strengthened balance sheet and new capital, we will be better equipped to support our brands, scale our infrastructure and enable future opportunities,” CEO Greg Greeley said in a statement.

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

Also Read: SNAP Benefits Will Now Increase For The Year 2024

Market News Published Daily 📰

Market News Today - An Unexpected Wave of New Layoffs Now Hits Washington.
Market News Today – An Unexpected Wave of New Layoffs Now Hits Washington.

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 New Wave of Unexpected Layoffs Now Hits Wisconsin

A new wave of unexpected layoffs now hits Wisconsin as more businesses file WARN notices advising of upcoming job cuts.

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.

On Tuesday, Lakeside Book Company officially filed a WARN Act notice with the Wisconsin Department of Workforce Development advising of impending layoffs.

They stated that a whopping 339 employees at a facility in Wisconsin will be laid off later in June.

“I regret to inform you that due to changing market conditions, Lakeside Book Company has decided to permanently close its print production facility located at 800 Midway Road, Menasha, Wisconsin 54952”, the company stated.

“This action is expected to result in the permanent separation of 339 employees.

The Company expects to begin employment separations on June 7, 2024 and will continue until the entire plant is closed on June 21, 2024.”

The facility at 800 Midway Road was built in 1946 by Banta Corp, and its closure will impact the local community.

Below is a list of businesses who have advised of upcoming layoffs in Wisconsin this year:

  • Sierra Electrotek LLC. 37 job cuts by 3/8.
  • DWF Wholesale Florists of Milwaukee. 8 job cuts by 3/8.
  • Lakeside Book Company. 339 job cuts by 6/7.
  • Del Monte Foods, Inc. 90 job cuts by 4/26.
  • ABS Global. 36 job cuts by 4/19.
  • ABS Global, GENUS INTELLIGEN TECHNOLOGIES (Windsor). 8 job cuts by 4/19.
  • ODW Logistics. 107 job cuts by 4/14.
  • Saputo Cheese USA Inc. 98 job cuts by 3/29.
  • Sheridan Wisconsin. 116 job cuts by 4/13.
  • H & S MFG CO Inc. 42 job cuts by 4/4.
  • Hutchinson Technology Incorporated. 90 job cuts by 4/5.
  • Rehabilitation Hospital of Western Wisconsin. 117 job cuts by 4/2.
  • Charter Communications. 173 job cuts by 3/28.
  • HSHS St. Joseph’s Hospital Chippewa Falls. 244 job cuts by 3/22.
  • Prevea Clinic Inc. 385 job cuts by 3/22.
  • Credit Union National Association (DBA America’s Credit Union). 38 job cuts by 3/15.

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

Also Read: SNAP Benefits Will Now Increase For The Year 2024

Other Economy News Today

Market News Today - A New Wave of Unexpected Layoffs Now Hits Wisconsin.
Market News Today – A New Wave of Unexpected Layoffs Now Hits Wisconsin.

This massive restaurant is now closing 41 locations over the next quarter due to major underperformance, sources report.

Bloomin’ Brands will close 41 stores over the next quarter, reports Restaurant Dive.

These units include 36 “predominantly older, underperforming restaurants” and five Aussie Grill locations, including three in the U.S. and two in international markets, according to the company’s latest earnings release.

Bloomin’ decided to close the restaurants in question following a periodic review of assets that included consideration of trade area, historical performance and the investment required to renovate the units and strengthen their sales, CEO David Deno said on the company’s Q4 2023 earnings call.

The company will see “asset impairments and net closure charges of $32.3 million during Q4 2023.

We expect to complete these closures during Q1 2024 and incur charges of between $8 million and $11 million,” according Bloomin’s earnings release.

Deno said Bloomin’ would offer transfer opportunities to a large number of impacted employees and severance payments to those it cannot place.

The closures were not a reflection of the performance of individual employees, Deno said.

“A majority of these restaurants were older assets with leases from the 90s and early 2000s,” Deno told analysts.

Aussie Grill, the smallest of Bloomin’s brands, will be hardest hit by the closures.

According to the chain’s Q3 earnings release, the fast casual brand had 14 units at the start of Q4, with seven in the U.S. and seven in international markets.

The chain’s five closures represent a more than 35% drop in unit count for the brand.

Bloomin’ expects to open 40 to 45 new restaurants in 2024, in areas Deno described as “promising trade areas with great potential.”

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

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

Market News Published Daily 📰

Market News Today - A New Wave of Unexpected Layoffs Now Hits Wisconsin.
Market News Today – A New Wave of Unexpected Layoffs Now Hits Wisconsin.

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.



This Banking Company Is Now Making Painful Layoffs

This banking company is now making painful layoffs as it sheds half of its staff to focus exclusively on providing software to institutions.

Banking-as-a-service platform Treasury Prime has laid off about half of its nearly 100 employees, CEO Chris Dean confirmed on Wednesday.

Treasury Prime laid off teams focused on selling its products to other fintechs, including marketing, as a result of a strategic pivot that will, from now on, have the company focusing its sales efforts exclusively on banks.

The firm has historically marketed itself to fintechs, then matched the fintech with a banking partner that would use Treasury Prime’s platform.

However, Dean said the “interesting activity,” for the past six months or more, has been on the bank-direct side, and banks have wanted more to negotiate and ink deals with fintechs directly than with Treasury Prime as the liaison.

“If that’s where the puck is going, let’s just go there right now,” Dean said.

Treasury Prime is, first and foremost, a software company, he said, and the intention early on was that banks on its platform would find their own fintech partners.

“[But] the volume of fintechs that wanted to talk to the banks was far more than the banks could deal with, so they asked us to help and we ended up building out a whole go-to-market team for years to support that.

We get lumped [into a category of middlemen], though we really don’t think of ourselves like that,” he said.

“And at some point [in the] last six months, we realized that what we wanted to do when we started, finally, both the regulatory environment and the banks have caught up to that.

So let’s just do that directly.

It’s better business. It’s better for the banks, it’s better for the fintechs, the regulators like it better, it’s better all around.”

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

Also Read: The US Treasury Direct is Now Freezing Customer Accounts

Other Banking News Today

Market News Today - This Banking Company Is Now Making Painful Layoffs.
Market News Today – This Banking Company Is Now Making Painful Layoffs.

Green Dot Bank is now facing a massive penalty stemming from compliance risk management issues predating the company’s current management.

Green Dot has been hit with a proposed consent order from the Federal Reserve stemming from compliance risk management issues predating the company’s current management, the fintech said Tuesday in its earnings report.

The digital bank set aside an “estimated liability” of $20 million in 2023’s fourth quarter to cover the proposed consent order, the company said but added that the “estimate of the aggregate range of reasonably possible losses” could total $50 million.

“We are confident in our financial and regulatory positions and do not expect this to impact our ability to operate and serve our customers and partners on an ongoing basis,” Green Dot CEO George Gresham said in a statement.

“The regulatory environment is continuously evolving, and we are committed to partnering and fully cooperating with our regulators to ensure our products are designed and marketed in ways that put our customers’ best interests at the forefront.”

Green Dot Bank has faced fraud allegations from various customers who have been locked out of their account from weeks to months.

Many customers are having difficulty receiving a direct response from the bank’s customer service department, with many claiming to have been given the runaround.

What is being done about it? Nothing so far, though many of these reports have been submitted to the Better Business Bureau (BBB).

“My funds are gone. I believe now the bank [Green Dot Bank] is holding it hostage. It’s my SS money and I can’t get it back, they keep extending the date.

I’ll get my new card with my money on it this has been going on since the August 1 and I was in the hospital when I was hacked..I want my money it’s mine not yours green dot,” says Sandra Machuga, who’s reported to FrankNez before.

Also Read: A US Bank is Now Freezing Some Retiree Accounts

Market News Published Daily 📰

Market News Today - This Banking Company Is Now Making Painful Layoffs.
Market News Today – This Banking Company Is Now Making Painful Layoffs.

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.



Green Dot Bank Is Now Facing A Massive Penalty

Green Dot Bank is now facing a massive penalty stemming from compliance risk management issues predating the company’s current management.

Green Dot has been hit with a proposed consent order from the Federal Reserve stemming from compliance risk management issues predating the company’s current management, the fintech said Tuesday in its earnings report.

The digital bank set aside an “estimated liability” of $20 million in 2023’s fourth quarter to cover the proposed consent order, the company said but added that the “estimate of the aggregate range of reasonably possible losses” could total $50 million.

“We are confident in our financial and regulatory positions and do not expect this to impact our ability to operate and serve our customers and partners on an ongoing basis,” Green Dot CEO George Gresham said in a statement.

“The regulatory environment is continuously evolving, and we are committed to partnering and fully cooperating with our regulators to ensure our products are designed and marketed in ways that put our customers’ best interests at the forefront.”

Green Dot Bank has faced fraud allegations from various customers who have been locked out of their account from weeks to months.

Many customers are having difficulty receiving a direct response from the bank’s customer service department, with many claiming to have been given the runaround.

What is being done about it? Nothing so far, though many of these reports have been submitted to the Better Business Bureau (BBB).

“My funds are gone. I believe now the bank [Green Dot Bank] is holding it hostage. It’s my SS money and I can’t get it back, they keep extending the date.

I’ll get my new card with my money on it this has been going on since the August 1 and I was in the hospital when I was hacked..I want my money it’s mine not yours green dot,” says Sandra Machuga, who’s reported to FrankNez before.

Also Read: A US Bank is Now Freezing Some Retiree Accounts

Other Banking News Today

Market News Today - Green Dot Bank Is Now Facing A Massive Penalty.
Market News Today – Green Dot Bank Is Now Facing A Massive Penalty.

Three massive banks are now closing 21 branches after more than two thousand locations shut down last year, sources report.

2023 was a hard year for banks, with many filing to shut down locations with the Office of the Comptroller of the Currency (OCC), reports The-Sun.

Popular companies like Wells Fargo and Chase filed to shut down a total of 1,567 locations, an analysis by The U.S. Sun found.

For the week of February 11 through the 17, Wells Fargo, Bank of America, and PNC filed for another 21 locations to shutter soon, though the dates are unclear at the time.

According to the OCC, the following Wells Fargo locations will shut:

  • 1150 E. Vista Way, Vista, California
  • 388 Whalley Avenue, New Haven, Connecticut
  • 159 Greenwood Avenue, Bethel, Connecticut
  • 14731 Biscayne Boulevard, North Miami, Florida
  • 4285 US 1 Highway South, St. Augustine, Florida
  • 200 South Broadway, Minot, North Dakota
  • 2500 Morris Avenue, Union, New Jersey
  • 12343 Barker Cypress Road, Cypress, Texas

The same list shows these Bank of America locations will close, and the bank provided the closing dates:

  • 1501 Tilton Road, Northfield, New Jersey, closing on August 9, 2024
  • 6718 Black Horse Pike, Egg Harbor Township, New Jersey, closing on August 9, 2024
  • 6416 San Felipe Street, Houston, Texas, closing on July 9, 2024
  • 1925 Dallas Parkway, Plano, Texas, closing on August 9, 2024
  • 2015 Coit Road, Plano, Texas, closing on August 9, 2024

Finally, these PNC Bank locations will also shut, but the dates are unknown:

  • 105 W Green Street, Athens, Alabama
  • 12000 West Forest Hill Boulevard, Wellington, Florida
  • 10570 N Michigan Road, Carmel, Indiana
  • 60 Southfield Road, Ecorse, Michigan
  • 319 Pratt Drive, Indiana, Pennsylvania
  • 2401 University Boulevard, Houston, Texas
  • 600 Matamoros Street, Laredo, Texas
  • 700 San Bernardo Ave, Laredo, Texas

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

Also Read: A US Bank is Now Denying Customers Access to Money

Market News Published Daily 📰

Market News Today - Green Dot Bank Is Now Facing A Massive Penalty.
Market News Today – Green Dot Bank Is Now Facing A Massive Penalty.

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.



« Older posts

© 2024 Franknez.com

Theme by Anders NorenUp ↑