New businesses now warn of unexpected layoffs in Arizona according to the latest WARN data advising of upcoming job cuts.
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 latest business to file a WARN act is self-driving truck developer TuSimple, which has advised that a total of 42 employees will be laid off at its Tucson facility.
TuSimple laid off 135 staff in Tucson this exact time just last year.
The company had also previously stated that they were attempting to sell their US operations and focus on the Asia Pacific market, per Market Screener.
Below is a list of companies who have advised of upcoming layoffs in Arizona during this last quarter (Oct – Dec) of the year:
- TuSimple, Inc. 42 job cuts.
- FSC Edge Corporation. 1 job cut.
- Management & Training Corporation (MTC). 86 job cuts.
- HMSHost. 68 job cuts.
- Cognizant Technology Solutions U.S. Corporation. 88 job cuts.
- Erus Energy/Erus Holdings, LLC/Erus Builders, LLC/National Clean Energy, LLC. 58 job cuts.
- Bealls Inc. 14 job cuts.
- Cygnus Home Service, LLC. 68 job cuts.
- La Fonda Restaurant. 20 job cuts.
- Transdev Services. 829 job cuts.
- Mobile Health dba Alliance Ambulance of Arizona LLC. 156 job cuts.
- LECLERC FOODS NUTRITION ARIZONA, LLC. 93 job cuts.
So far in 2023, there has been approximately 3,525 layoffs in Arizona across 72 businesses according to the latest WARN data.
California remains the #1 state with the most layoffs in the country.
In second place is New York followed by Colorado, Illinois, Texas, Washington, New Jersey, Florida, Michigan, and Georgia.
Also Read: Massive Layoffs in California Now Underway Prior to Holidays
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.
Also Read: A US Company Now Declares An Unexpected Bankruptcy
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