New layoffs in Missouri now grow prior to the holidays according to the latest WARN data.
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.
Not only are layoffs taking place in Missouri prior to the holidays this year, but businesses have begun to advise of upcoming job cuts for 2024 already.
“NextGen Healthcare filed a WARN notice with the Missouri Office of Workforce Development yesterday advising that 84 employees in the St. Louis office will be laid off on January 14,” reports Ash Jurberg.
Below is a list of businesses who have advised of upcoming job cuts in Missouri this year:
- 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.
- Multi-Color Corporation. 44 job cuts by 12/31.
- Cygnus Home Service dba Yelloh. 1 job cut by 12/05.
- First Savings Bank. 1 job cut by 11/30.
According to the Wall Street Journal, the popular fast-casual restaurant chain Panera Bread is cutting 300 corporate staff, approximately 17% of its corporate staff.
The business, headquartered in St. Louis, Missouri, is preparing for an IPO.
So far in 2023, there has been approximately 6,346 layoffs in Missouri across 32 businesses per the latest WARN data.
California remains the #1 state with the most layoffs in the country.
Other Economy News Today
Massive bank branches in Florida now unexpectedly close for 2024 according to fresh data from the Office of the Comptroller of the Currency (OCC).
Three additional Florida-based Wells Fargo Bank branches are scheduled to permanently shutter in 2024, as listed with the most recently updated Office of the Comptroller of the Currency (OCC) Bulletin (for the week ending November 11th), reports Joel Eisenberg.
“It should be further noted that in the United States major banks cannot close branches until the passing of a minimum of three months following their initial OCC bulletin listing.”
The following Florida-based Wells Fargo Bank branches have been added this week to the 2024 permanent closure list:
- 219 Indian River Avenue, Titusville
- 12233 North Florida, Tampa
- 2307 Del Prado Boulevard, Cape Coral
The following six bank branches are now scheduled to shutter in Florida in the coming weeks:
- Trustco Bank. 1084 Lee Rd, Orlando
- Bank of America. 126 East Olympia Ave, Punta Gorda
- Wells Fargo. 3131 West Hallandale Beach Blvd, Hallandale
- Wells Fargo. 10191 Cleary Blvd, Plantation
- Wells Fargo. 113 South Tennessee Ave, Lakeland
- Wells Fargo. 4901 Tamiami Trail, South Naples
Wells Fargo is also closing additional branches in California soon.
Between 2017 and 2021, nine percent of all branches — almost 7,000 locations— shut their doors.
Florida had the fourth most closures of any state.
CNBC reports that this trend of bank closures may lead to “banking deserts”, where communities are left without access to a bank or credit union within 10 miles.
“Several studies have shown these communities are more likely to use non-traditional and high-fee lending options such as payday loans and check-cashing services, which increases financial inequities and ends up widening the wealth gap.”
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