Massive layoffs in Missouri now affect hundreds prior to the holidays as more businesses file WARN notices advising of upcoming job cuts.
Popular fast-casual restaurant chain Panera Bread is cutting 300 corporate staff, according to reports from the Wall Street Journal.
The business, which is headquartered in St.Louis, Missouri, is preparing for an IPO, meaning the company is ready to enlist publicly in the stock exchange.
The cuts equate to approximately 17% of its corporate staff.
“To best position the company for the future and continually improve our guest experience, Panera is taking steps to simplify our operations.
This decision was not made lightly, and we are immensely grateful for the contributions of those impacted,” said a Panera Company Spokesperson.
Panera was founded in Missouri in 1987 and was initially called the St. Louis Bread Company.
The company reported $4.8 billion in revenue in fiscal year 2022.
So far in 2023, Missouri has had 6,301 layoffs across 30 businesses.
However, California remains the #1 state with the most layoffs in the country.
Below are the businesses that filed WARN notices advising of upcoming job cuts in Texas this year prior to the holidays.
- Soft Surroundings. 181 job cuts by 11/18.
- CareFusion Corporation. 148 job cuts by 12/18.
- Propak Logistics, LLC. 93 job cuts by 12/08.
- First Savings Bank. 1 job cut by 11/30.
- Divvy Homes. 1 job cut by 11/07.
Other Economy News Today
A massive US bank now lays off 2,000 employees in efforts to cut back on costs after announcements were initially made in September.
Charles Schwab has laid off about 5% to 6% of its employees, amounting to roughly 2,000 people, as it looks to cut costs, per numerous reports.
A Schwab spokesperson said these “were hard but necessary steps to ensure Schwab remains highly competitive, with industry-leading levels of efficiency, well into the future.”
The company only released a percentage of how many people were laid off and didn’t give a precise number, but Schwab’s headcount was 35,900 as of September 30, according to a corporate fact sheet.
“They are decisions that impact very talented people personally, and we take that very seriously,” a spokesperson said.
“We worked diligently to ensure affected employees were treated with care and respect throughout this difficult process.”
The cost-cutting measures were first announced in the summer, with the brokerage looking to cut $500 million in costs as it faces investor pressure, reports CNN.
Part of the changes includes evaluating its “real estate footprint, streamlining our operating model, and staffing reductions, largely in non-client-facing areas,” a Schwab spokesperson said.
Like other banks, Schwab endured turbulence earlier this year when its bottom line was given a hard look by investors after the collapse of Silicon Valley Bank.
Citigroup also confirmed during the second quarter that new layoffs (1,600 in the second quarter) will push the total job cuts to 5,000 this year.
Wells Fargo also said that it could see its headcount decline further as it aims to improve efficiency, per Chief Financial Officer Mike Santomassimo.
Charles Schwab stock is currently down more than -35% this year-to-date.
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