Four massive businesses announce of upcoming layoffs in New York according to the latest reports and WARN filings.
So far in 2023, there has been approximately 42,213 layoffs in New York across a total of 381 businesses.
However, California remains the #1 state with the most layoffs in the country.
In second place is New York followed by Texas, Washington, New Jersey, Florida, Michigan, and Georgia.
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.
The following four businesses have filed WARN notices with the New York Department of Labor over the holiday period advising they would be laying off staff:
- Gary Plastic Packaging announced they will lay off 543 staff in the Bronx next year
- Pfizer is laying off 285 staff at its location in Pearl River
- Auction Direct USA is laying off 57 staff in Victor
- Fifty-two employees at St. Christopher’s Inc.– Dobbs Ferry Residential Treatment Center will be let go in March.
In December, the following businesses advised of upcoming job cuts in New York:
- Allied Universal Security Service is laying off 137 staff on December 13.
- VMware is laying off 169 staff in New York at the end of January.
- RemArms, the nation’s oldest gunmaker, is laying off 310 staff.
- A Nordstrom in Brooklyn is closing, resulting in 51 staff losing their jobs on February 3, 2024.
- 169 employees at Unilever will be let go.
- CORE Development Company advised five employees in New York were laid off.
- UMEX Brands is laying off 84 staff in the Hudson Valley.
- Twenty-Three Grand and Jimmy Soho are letting go of 129 staff on February 6.
Also Read: Massive Layoffs in California Now Underway Prior to Holidays
Other Economy News Today
A popular shark tank company now files for an unexpected bankruptcy in the district of Colorado as it aims to reorganize its finances.
M.C. Squares, a company that creates Earth-friendly reusable office products, filed for Chapter 11 bankruptcy on December 22nd.
“At M.C. Squares, we create reusable, life-transforming products for the home, office, and everywhere in between,” the company website says.
“Our journey began with a simple inspiration — to develop a new category of reusable home and office products.
Notably … we became the inventor of the Reusable Sticky Note! Starting in the classroom, we quickly expanded into corporate offices, and now our innovative organization solutions have found a place in your day-to-day routine.”
That’s a noble goal, but consumers have generally rejected green solutions that cost more than the products they’re replacing, reports TheStreet.
At the time of the filing the office-supplies company had $5.7 million in operating losses and owed its various creditors roughly $3.4 million.
M.C. Squares had about $900,000 in assets and counts O’Leary as one of its 20 creditors.
“The startup owes $33,657.84 to O’Leary Productions, $850,000 to the Micro Cap Opportunity Fund, and $408,700 to Denver Angels as highlighted in the filing,” Inside Startups reported.
O’Leary has not commented on the bankruptcy and did not immediately return a request for comment made through the O’Leary Ventures website.
He did recently share some of his personal philosophy on investing on his X (formerly Twitter) page:
“Every penny I don’t spend on something I actually need gets invested and makes more money for me. I buy the good stuff that I need, and I invest the rest,” he posted.
Shark Tank companies filing for bankruptcy are rare, but it does happen and a number of companies showcased on the site have gone out of business.
These include Breathometer, which made a home test to check your blood alcohol level, and Toygaroo, which was pitched as “the Netflix of toys.”
Also Read: A US Company Now Declares An Unexpected Bankruptcy
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