Painful job cuts now hit Texas prior to the holidays as more businesses announce of layoffs in 2023.
It is 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.
MV Transportation is the next company on the list to announce massive layoffs by the end of the year.
The company is laying off several hundreds of employees in both its North Yard and South Yard in Texas.
400 employees will be laid off in the company’s North Yard while 778 employees will be laid off from the South Yard by December 31st.
Earlier this year, MV Transportation laid off over 200 employees combined in California and Colorado.
Texas had the most job cuts from the company.
So far in 2023, there has been approximately 21,372 layoffs in Texas across 201 businesses.
However, California remains the #1 state with the most layoffs in the country.
Below are the businesses that filed WARN notices advising of upcoming job cuts in Texas before the year ends.
- MV- Transportation Austin (South Yard). 778 job cuts by 12/31.
- MV-Transportation Austin (North Yard). 400 job cuts by 12/31.
- Stitch Fix. 558 job cuts by 12/01.
- Harland Clarke Corp. 130 job cuts by 12/01.
- Accenture. 351 job cuts by 12/08.
- Mittera Group, Inc. 136 job cuts by 12/09.
- LegalZoom.com. 122 job cuts by 12/15.
- Southwestern Health Resources. 228 job cuts by 12/31.
- L3Harris. 268 job cuts by 11/30.
Other Economy News Today
A massive and popular retailer now unexpectedly shutters stores for 2024 despite its strong sales and stock growth.
TJX Companies, which owns TJ Maxx, Marshalls, and HomeGoods has announced a few store closures already beginning the new year in major U.S. cities.
“TJX Companies had largely been able to stay above the fray for a while.
Its aforementioned winning business model had been enough to largely insulate it from market vacillations and its lower price points only strengthened its position among penny-pinching shoppers,” reports TheStreet.
But despite upcoming store closures for 2024, the company has actually done quite well in terms of their sales and even stock growth.
In fact, TJX stock is currently up more than +14% this year-to-date and recently announced a cash dividend of $0.333 starting November 8, 2023.
“I am particularly pleased with the performance of our largest division, Marmaxx, which delivered high single-digit increases in both comp sales and customer traffic,” CEO Ernie Herrman said on the Q2 earnings call in August.
Our overall apparel and accessories sales were very strong. And our overall home sales significantly improved and returned to positive comp sales growth.
Clearly, our terrific mix of branded, fashionable merchandise and great values resonated with shoppers when they visited our stores,” he continued.
TJX has already shuttered one location in St. Paul, Minn., and has further plans to shutter more stores in the coming months.
The following stores are closing in New York early next year:
- Marshalls: 610 Exterior Street, Bronx, closing early January.
- TJ Maxx: 503 Fulton Street, Brooklyn, closing early January.
The following store is closing Chicago early next year:
- TJ Maxx: 1008 S. Canal Street, closing early January
Some of these locations had been in business for 10 years or more.
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