Massive layoffs in New Jersey are now around the corner as several more businesses file WARN notices advising of upcoming job cuts.
One of the latest businesses to advise of upcoming layoffs in New Jersey is banking giant Barclays, which is laying off more than 200 of customer service staff as part of a global drive to cut costs.
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.
Barclays filed a WARN act this week with the New Jersey Department of Labor and Workforce Development advising 244 staff members at their office in Whippany will lose their jobs in February and March next year.
“We review our business on a regular basis to ensure we are operating as effectively and efficiently as possible.
These decisions are never easy and employees whose roles have been impacted will receive a full range of transition services,” said a Barclays spokesperson.
The following businesses have also advised of upcoming layoffs in New Jersey soon:
- Swissport Cargo Services Inc. 378 job cuts by 2/19/2024.
- PTC Therapeutics Inc. 308 job cuts by 12/27.
- Siemens Healthcare Diagnostics Inc. 300 job cuts by 1/31/2024.
- Barclays Service Corporation. 244 job cuts by 1/13/2024.
- Pfizer. 195 job cuts by 2/12/2024.
- Hunterdon Brewing Company LLC. 143 job cuts by 12/01
- Charles Schwab Corporation. 109 job cuts by 2/25/2024.
- ID Logistics. 108 job cuts by 1/11/2024.
- Geico. 93 job cuts by 1/17/2024.
- Qualcomm Inc. 91 job cuts by 1/11/2024.
- Hotel Mahwah dba Sheraton Mahwah. 91 job cuts by 12/15.
So far in 2023, there has been approximately 14,063 layoffs in New Jersey across 135 businesses according to the latest WARN data.
California remains the #1 state with the most layoffs in the country.
Other Economy News Today
A popular retailer is now at high risk for bankruptcy according to new data compiled from CreditSafe.
“Stein Mart’s DBT was 105 as of October 2023.
This means any company providing services/goods to the retailer would have to wait over three months past payment terms before they would receive their first payment,” CreditSafe shared in its Financial & Bankruptcy Outlook Retail Report.
“Stein Mart’s owner could be headed for bankruptcy,” the report stated, noting that in March, REV “hired restructuring lawyers, signaling bankruptcy could once again be on the horizon.”
REV has built its business on buying once-popular retail brands and reviving them as online-only stores.
The company now owns Pier 1, Stein Mart, RadioShack, DressBarn, Linens ‘n Things, Modell’s, and a handful of lesser-known names, reports TheStreet.
DBT refers to the number of days it typically takes to pay invoices beyond payment terms.
“Stein Mart has had considerable trouble paying its bills on time. In fact, all its outstanding bills for the last six months (May through October) were delinquent (91+ days). And June was the worst month, with the value of its delinquent bills increasing by 191.66%.”
The risk-measuring firm’s second metric, “risk score,” uses a scale of 1 to 100 to predict the likelihood that a company’s payment performance will become seriously delinquent (91+ days beyond terms) or that the company will go bankrupt within the next 12 months.
“Based on a Wall Street Journal Report, in March 2023, Stein Mart’s parent company Retail Ecommerce Ventures was exploring options to get out of the financial trouble they’re in, including a potential Chapter 11 bankruptcy,” said Ragini Bhalla, head of brand and spokesperson for Creditsafe.
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