Massive Layoffs in North Carolina Now Grow This Year

October 20, 2023

Massive layoffs in North Carolina now grow this year according to the latest WARN notices data.

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.

North Carolina is seeing growing number figures of upcoming layoffs in the state until the end of the year.

So far, California remains the #1 state with the most layoffs in the country.

In second place is Colorado, followed by Illinois, Texas, Washington, New York, New Jersey, Florida, Michigan, and Georgia.

“The layoffs continue to hit North Carolina, with another business announcing significant staff cuts this week.

AgBiome, an agriculture biotechnology company based in Raleigh, has advised it will be laying off all staff, resulting in 123 workers losing their jobs”, reports Ash Jurberg.

The company stated the following:

“We anticipate that these changes, when finalized, will be permanent. Unfortunately, we needed to raise capital in an extremely challenging VC and private equity market.

Many excellent companies, including AgBiome, are struggling to raise capital. We are continuing ongoing discussions with potential partners and investors that would push forward the company’s products, platform, and science,” said an AgBiome spokeswoman.

Although AgBiome is the latest company to cut jobs in North Carolina, quite a few businesses have filed WARN notices advising of upcoming layoffs in the state.

Below are the businesses that filed a WARN act of upcoming layoffs in North Carolina this year.

Also Read: A US Company Now Declares An Unexpected Bankruptcy

Upcoming Layoffs in North Carolina 2023

Below is a list of companies that have announced they will be cutting jobs in North Carolina this year.

Hood Container. 88 job cuts.
AgBiome. 123 job cuts.
Gildan Yarn’s. 258 job cuts.
Smithfield Packaged Meats Corp. 107 job cuts.
Coats American, Inc. 51 job cuts.
First Savings Bank. 5 job cuts.
Epic Games Inc. 85 job cuts.
Kayser-Roth Corporation. 126 job cuts.
Divvy Homes. 1 job cut.
Marker 3 Consulting LLC. 1 job cut.
Liberty Healthcare. 96 job cuts.
Intuitive Surgical. 72 job cuts.
Williamston Hospital Corporation. 173 job cuts.

Also Read: This Massive Retailer Has Now Survived Chapter 11 Bankruptcy

Other Economy News Today

An innovative retailer has now filed for an unexpected bankruptcy leaving the company in a state of being unable to compete.

WD Lab Grown Diamonds, the second-largest player in the lab-grown diamond space has filed for Chapter 11 bankruptcy.

The company, which is based in Washington D.C., sold its products to a number of top jewelry retailers.

However, the company has struggled to compete with overseas rivals such as China and India which have driven prices down.

WD Lab Grown Diamonds also recently initiated patent lawsuits with six companies over patents it had licensed from the Carnegie Institution of Washington.

Five of the six lawsuits were settled, but Fenix Diamonds fought the case and denied any wrongdoing, Jeweller Magazine reported.

Ultimately, the cases was dismissed and a summary judgment was issued in favor of Fenix Diamonds, says TheStreet.

“The patent battle hurt WD with one of its main assets: its reputation. “In the early days of lab-created diamonds, some considered their competitors either too murky or too controversial,” Rob Bates of JCK Online, a leading industry website said.

“The people at WD, by contrast, were generally well-liked. The lawsuits blew up a lot of goodwill.”

What’s tough is that the bankruptcy filing showed that WD Lab Grown Diamonds has $44.8 million in debts and only $3 million in assets.

To complicate things further, nearly $3 million of the company’s debt is owed to the firm that represented it in the Fenix Diamonds lawsuit.

“The board has determined that it is desirable and in the best interests of the companies and their creditors, employees, and other parties in interest, that the companies file or cause to be filed a voluntary petition seeking relief under the provisions of Chapter 7 of Title 11 of the United States Code,” the company shared in its court filing.

Also Read: A Massive Distributor For Walmart Now Files For Bankruptcy

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