Category: News (Page 1 of 10)

Popular Grocery Chain Now Makes An Unexpected Closure in Pennsylvania

A popular grocery chain now makes an unexpected closure in Pennsylvania citing a review of the store’s current and future viability.

Price Chopper has announced that it will be closing its location at 1510 South Main Avenue in Taylor on April 19th.

“After thoroughly reviewing the store’s current and future viability, we concluded that closure is the appropriate action to take,” said Blaine Bringhurst, Price Chopper/Market 32 president.

“We have a long history in the community and are grateful to all of our teammates and customers who have supported us over the years.”

All 85 teammates working in the store have been offered comparable positions at other stores in the Scranton/Wilkes Barre area.

“It’s never easy to close a store—and we rarely do—but we have an obligation to make business decisions that support the company’s continued health and growth,” Bringhurst added.

Below is a list of other businesses who have advised of upcoming layoffs in Pennsylvania:

  • Ornua Ingredients, Inc. 66 job cuts filed on 3/1.
  • TE Connectivity. 130 job cuts by 5/1.
  • NexTier Completion Solutions, Inc. 104 job cuts by 4/13.
  • United Parcel Service, Inc. (UPS) Unknown job cuts by 4/15.
  • Schenker, Inc. 478 job cuts on 3/10.
  • Block, Inc. 22 job cuts by 3/30.
  • Merck & Co., Inc. 5 job cuts on 3/15.

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Also Read: Clothing Retailer Now Announces Unexpected Closure of All Locations

Other Economy News Today

Market News Today - Popular Grocery Chain Now Makes An Unexpected Closure in Pennsylvania.
Market News Today – Popular Grocery Chain Now Makes An Unexpected Closure in Pennsylvania.

A massive shoe retailer is now closing a quarter of stores following a drop of 15% in sales last year, sources confirm.

Alongside a nearly 15% revenue drop for 2023, popular shoe retailer Allbirds on Tuesday named a new CEO, replacing co-founder Joey Zwillinger.

Joe Vernachio, who has been Allbirds’ chief operating officer since 2021, will now take over the top post and join the board of directors on Friday.

Zwillinger will stay on as a board member and a special adviser to the company, according to a company press release.

Allbirds co-founder Tim Brown stepped down from the co-CEO role last year and now serves as the brand’s chief innovation officer.

At the same time, Allbirds reported earnings, with revenue for Q4 and the full year both down by about 15%.

Fourth-quarter revenue was $72 million, while full-year revenue was $254 million.

The company’s current plan to close 10 to 15 stores — about 17% to 25% of its 60-store fleet — will cost its U.S. business about $7 million to $9 million, reports Retail Dive.

“Stores remain a highly effective way to meet new customers and drive omnichannel purchasing and omnichannel purchasing is the most profitable consumer journey we can generate,” Zwillinger said.

“As we focus on renewing brand momentum and driving sustained growth in the U.S., we are leaning into our most efficient stores in key cities where we want to win.”

International revenue will also be hit with $25 million to $28 million in costs as Allbirds moves from a straight DTC model to a distributor model.

Zwillinger on a call with analysts said the distributor model is a “more profitable” go-to-market strategy and is allowing Allbirds to consider entering more international markets going forward.

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Also Read: Another Facility in South Carolina Now Announces An Unexpected Closure

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Market News Today - Popular Grocery Chain Now Makes An Unexpected Closure in Pennsylvania.
Market News Today – Popular Grocery Chain Now Makes An Unexpected Closure in Pennsylvania.

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Another US Trucking Company Now Files An Unexpected Bankruptcy

Another US trucking company now files an unexpected bankruptcy in a time where the industry is seeing operations shut down.

Nationwide Cargo Inc., a general freight trucking company that also hauls fresh produce and meat, has now filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Illinois with plans to reorganize its business.

The East Dundee, Ill., shipping company listed $1 million to $10 million in assets and $10 million to $50 million in liabilities in its petition and said funds will not be available to pay unsecured creditors.

The company operates with 183 trucks and 171 drivers, FreightWaves reported.

Nationwide Cargo’s three largest secured creditors in the petition were Equify Financial LLC (owed about $3.5 million,) Commercial Credit Group (owed about $1.8 million) and Continental Bank NA (owed about $676,000.)

The shipping company reported gross revenue of about $34 million in 2022 and about $40 million in 2023.

From Jan. 1 until its petition date, the company generated $9.3 million in gross revenue, per TheStreet.

Earlier, California-based logistics company Wise Choice Trans Corp. shut down operations and filed for Chapter 7 liquidation on Jan. 4 in the U.S. Bankruptcy Court for the Northern District of California, listing $1 million to $10 million in assets and liabilities.

The Hayward, Calif., third-party logistics company, founded in 2009, provided final mile, less-than-truckload and full truckload services, as well as warehouse and fulfillment services in the San Francisco Bay Area.

The Chapter 7 filing also implemented an automatic stay against all legal proceedings, as the company listed its involvement in four legal actions that were ongoing or concluded.

Court papers reportedly did not list amounts for damages.

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Also Read: Another Facility in South Carolina Now Announces An Unexpected Closure

Other Economy News Today

Market News Today - Another US Trucking Company Now Files An Unexpected Bankruptcy.
Market News Today – Another US Trucking Company Now Files An Unexpected Bankruptcy.

A clothing retailer now announces the unexpected closure of all locations as it embarks in a new journey to go fully online.

Outdoor Voices will reportedly shut all of its stores on Sunday, employees of the activewear company have said.

Four employees at four different stores, speaking on condition of anonymity, confirmed the March 17 closures to The New York Times.

The publication said it had seen at internal Slack message sent to employees on Wednesday notifying them that the chain “is embarking on a new chapter as we transition to an exclusively online business.”

The message, other reports suggested, doubled as instructions for what to tell customers.

The message, The Times reported, said products in stores will be discounted 50%.

Current and former Outdoor Voices employees at stores in Austin, Denver, Atlanta, Charlotte, New York, Houston and San Diego also confirmed the news to Axios reporters.

One Austin employee who worked on the company’s marketing team told the publication they and other employees were laid off on March 12 and it was “very sudden”.

“Store teams were told by their manager — who were also laid off — that effective as of end of day Sunday that every single one of our Outdoor Voices stores are closing as well,” the unnamed employee said.

Two of the employees the Times spoke to said they were not offered severance.

Outdoor voices has 16 retail locations, according to its website.

The company was founded by Ty Haney in 2014.

Haney left in 2020 and has since made her feelings very clear: “It’s kind of sickening to see how low it’s gotten,” she said in an interview with The Cut in August 2023.

“I feel sad for it.”

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Also Read: Massive Shoe Retailer Is Now Closing A Quarter of Stores

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Market News Today - Another US Trucking Company Now Files An Unexpected Bankruptcy.
Market News Today – Another US Trucking Company Now Files An Unexpected Bankruptcy.

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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.

Scroll below to view my stock purchases this month!

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Massive Restaurant With 800 Locations Now Begins to Close Down

A massive restaurant with 800 locations now begins to close down after facing rising financial problems, sources are confirming.

Bojangles may not be as big of a name as Burger King or Popeye’s, but it’s a popular chain with more than 800 restaurants in eight states.

Like RBI, Bojangles uses a franchise model, which makes it dependent on the financial health of its operators.

The company ultimately saw all its Maryland locations close due to the financial situation of one of its franchisees, reports TheStreet.

However, unlike RBI, Bojangles is not public — it was taken private by Durational Capital Management LP and Jordan Co. in 2018 — which means the company does not disclose its financial information to the public.

“That makes it hard to know whether overall softness for the brand contributed to the chain seeing its five Maryland locations close after a Chapter 11 bankruptcy filing,” says TheStreet.

Even though the locations still appear on the Bojangles website, they have been shuttered since late 2023.

The locations were operated by Salim Kakakhail and Yavir Akbar Durranni.

Partners operated under a variety of LLCs, including ABS Network, according to local news channel WUSA9.

The station reported that the owners face a state investigation over complaints of wage theft and fraudulent W2s.

In November Durranni and ABS Network filed for bankruptcy in New Jersey, WUSA9 reported.

“Not only do former employees say these men owe them money, WUSA9 learned the former owners owe the state, too, and have over $69,000 in back property taxes.”

Former employees also say that the restaurant would regularly purchase fried chicken from Popeyes and Safeway when it ran out in their stores, the station reported.

Bojangles sent the station a comment on the situation.

“The franchisee is no longer in the Bojangles system,” the company said.

“However, it is important to note in your coverage that franchisees are independent business owners who are licensed to operate a brand but have autonomy over many aspects of their business, including hiring employees and payroll responsibilities.”

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

Also Read: Another Facility in South Carolina Now Announces An Unexpected Closure

Other Economy News Today

Market News Today - Massive Restaurant With 800 Locations Now Begins to Close Down.
Market News Today – Massive Restaurant With 800 Locations Now Begins to Close Down.

A clothing retailer now announces the unexpected closure of all locations as it embarks in a new journey to go fully online.

Outdoor Voices will reportedly shut all of its stores on Sunday, employees of the activewear company have said.

Four employees at four different stores, speaking on condition of anonymity, confirmed the March 17 closures to The New York Times.

The publication said it had seen at internal Slack message sent to employees on Wednesday notifying them that the chain “is embarking on a new chapter as we transition to an exclusively online business.”

The message, other reports suggested, doubled as instructions for what to tell customers.

The message, The Times reported, said products in stores will be discounted 50%.

Current and former Outdoor Voices employees at stores in Austin, Denver, Atlanta, Charlotte, New York, Houston and San Diego also confirmed the news to Axios reporters.

One Austin employee who worked on the company’s marketing team told the publication they and other employees were laid off on March 12 and it was “very sudden”.

“Store teams were told by their manager — who were also laid off — that effective as of end of day Sunday that every single one of our Outdoor Voices stores are closing as well,” the unnamed employee said.

Two of the employees the Times spoke to said they were not offered severance.

Outdoor voices has 16 retail locations, according to its website.

The company was founded by Ty Haney in 2014.

Haney left in 2020 and has since made her feelings very clear: “It’s kind of sickening to see how low it’s gotten,” she said in an interview with The Cut in August 2023.

“I feel sad for it.”

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

Also Read: Massive Shoe Retailer Is Now Closing A Quarter of Stores

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Market News Today - Massive Restaurant With 800 Locations Now Begins to Close Down.
Market News Today – Massive Restaurant With 800 Locations Now Begins to Close Down.

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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!

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Frank Nez’s Stock Portfolio

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A Facility in Oklahoma Now Announces Unexpected Layoffs

A facility in Oklahoma now announces unexpected layoffs as the business warns of more than 100 job cuts.

More than 100 employees at a manufacturing facility in Muskogee, Oklahoma, suddenly found themselves out of work after the plant closed without warning.

Workers at the Proform Group plant were notified around 6 pm on Wednesday that the facility was shutting down immediately after they had worked a full regular day.

“It’s a shocker and very sad,” said Muskogee Mayor Marlon Coleman.

“Proform Group didn’t provide the city any advance notice of the mass layoffs.

We know that those are good, trained employees, so we’ve got a lot of movement that we think is going to positively impact those employees even though nothing can take away the shock from realizing in a short period of time that they don’t have a job anymore.”

Lemanuel London was one of the employees who lost his job.

‘It was a shock,” said Lemanuel London.

“It was like wasn’t nobody thinking this was going to happen and it happened.”

London worked at Proform Group for 7 years. He started as a temporary employee, then was promoted to full-time.

“I learned everything I could,” said London.

“It’s very disappointing that I had to go because I established a foundation in there and I’ve been there for so long and I learned everything.”

London says employees got a message on the company’s internal employee system on Wednesday around 6pm.

He says everyone worked a full normal day, then they were told the facility was shutting down and everyone was out of work, reports 2 News Oklahoma.

“It came out of nowhere,” said London.

“It was just devastating and shocking especially for people who’d been there a long time too.”

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

Also Read: Clothing Retailer Now Announces Unexpected Closure of All Locations

Other Economy News Today

Market News Today - A Facility in Oklahoma Now Announces Unexpected Layoffs.
Market News Today – A Facility in Oklahoma Now Announces Unexpected Layoffs.

A famous restaurant is now hit with an eviction notice after being sued for thousands in overdue rent, sources confirm.

CHICKEN Guy!, a restaurant branded by Guy Fieri, is subsequently facing multiple eviction threats, reports The-Sun.

The restaurant, located in Winter Park, Florida – just seven miles outside of Orlando – owes $38,507.72 in past-due rent, interest, and late fees, per a lawsuit obtained by local Fox affiliate WOFL.

The landlord issued a three-day notice on February 15 to pay rent or vacate the premises.

The same notice was issued again on March 4.

A complaint and eviction notice was then filed by the landlord in Orange County court on Tuesday, March 12.

The landlord is suing for over $50,000 in damages, including overdue rent, future unpaid rent, accelerated rent, late charges, taxes and fines against the landlord, and attorney fees, per local CBS affiliate WKMG.

The restaurant is being sued alongside Earl of Sandwich and Planet Hollywood, the three of which fall under the ownership of Robert Earl.

All three restaurants were part of the same lease agreement as Chicken Guy!, which is why they’re named in the legal complaint.

“Chicken Guy! features one-of-a-kind, all-natural fresh, chicken tenders, hand-pounded to maximize crunch and paired with a wide selection of delicious sauces,” reads the restaurant website.

“Brined in fresh lemon juice, pickle brine, and buttermilk, and infused with fresh herbs, these tenders deliver on flavor and texture.”

Meanwhile, popular restauranteur and Food Network host Fieri was set to host the Flavortown Fest on June 1 and 2 in his hometown of Columbus, Ohio.

However, the event was abruptly canceled.

“Due to unforeseen circumstances, Guy Fieri’s Flavortown Fest, initially planned for June 1-2 in Columbus, OH, has been canceled” read a statement issued to local NBC affiliate WCMH-TV.

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Also Read: Massive Shoe Retailer Is Now Closing A Quarter of Stores

Market News Published Daily 📰

Market News Today - A Facility in Oklahoma Now Announces Unexpected Layoffs.
Market News Today – A Facility in Oklahoma Now Announces Unexpected 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.



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