Massive Layoffs in Texas Mount as Businesses Now Go Bankrupt
Massive layoffs in Texas have now mounted as a car dealership goes bankrupt, affecting several hundreds of employees.
The announcement comes after the dealership had laid off a whopping 466 employees in Florida.
Off Lease LLC, a subsidiary of the renowned used vehicle dealer Off Lease Only LLC has declared its intention to permanently close its operations in Katy, Texas, laying off 116 employees due to mounting financial difficulties.
The WARN (Worker Adjustment and Retraining Notification) notice is a notice required by the federal WARN Act in the United States, which mandates that employers with 100 or more employees provide at least 60 days advance written notice of a plant closing or mass layoff affecting 50 or more employees.
“Given the sudden nature of this closure, the affected employees will receive less than the customary 60 days’ notice.
To compensate for this, they will be provided with a lump sum payment equivalent to their 60-day wages,” reports TI.
So far, Texas is the 4th state with the most layoffs according to the latest WARN data.
California remains the #1 state with the most layoffs in the country.
In second place is Colorado, with approximately 26,816 layoffs and 81 WARN notices, followed by Illinois, Washington, New York, Texas, New Jersey, Florida, and Michigan.
Below are the businesses that filed a WARN act with the Texas Employment Development Department advising of upcoming layoffs.
Upcoming Texas Layoffs in 2023
Below is a list of upcoming layoffs in Texas this year:
- FedEx. Fort Worth. 280 job cuts.
- CVS Health Corporation. Richardson. 167 job cuts.
- ED Tucker Powersports. Fort Worth. 165 job cuts.
- Aramark Hospital. Tyler. 163 job cuts.
- S&B Industries. Deer Park. 163 job cuts.
- Harland Clarke Corp. Grapevine. 130 job cuts.
- Aramark Christus Spohn Shoreline. Corpus Christi. 116 job cuts.
- Compass United. San Antonio. 104 job cuts.
These are the latest job cuts expected to hit Texas before year’s end. The list will be updated as new information becomes available.
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Also Read: 21 New Bank Branches Will Now Be Closing Nationwide This Fall
Banking News Today
The US Treasury Direct (TreasuryDirect) has now locked people’s money by prohibiting users from being able to log into their accounts.
Complaints of users being unable to access their securities for weeks to months has grown since the last reports.
Many TreasuryDirect customers have also reported having their accounts frozen after making deposits.
The inability to access money, especially through a federal department, is quite alarming.
“I’ve been unable to login for at least 24 hours- 8:25 am Eastern time 9/25 now. I may miss the 13 week purchase deadline today. I’ve never had a PRIVATE FINANCIAL INSTITUTION BE DOWN FOR SUCH ASN EXTENDED PERIOD OF TIME. GOOD JOB FEDS,” reports Fred Qwerty.
“Maybe an ooops that is a precursor to the full Fed Now rollout. Get used to not really owning anything tied to USD currency, it is just numbers on paper or a computer screen,” says Mark Doore.
“My account has been frozen since April right after I deposited $1,500 from a settlement. I mailed in the required form from my bank that was needed to unlock my account and it is still locked.
It’s sad to know financial institutions are basically taking citizens money like times aren’t already hard,” reported Tammarra Johnson to FrankNez.
This year many people have raised several concerns over their bank’s or financial institution’s liquidity issue.
Families have been evicted over frozen bank accounts and retirees have been stripped of their entire life savings.
Samuel Clemens says, “there’s no way to speak with them. Emails are ignored and written correspondence takes months. In the meantime, my accounts are frozen, and I do not have access to my money. If this were a private business, fraud charges would be laid!”
Also Read: A US Bank Has Now Left Customers With No Money
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Gee, what happened to the no regulations, pro-business states that Texas was famous for? Are you going to blame the workers and the unions?
Leave your thoughts below.