Tag: Business News (Page 2 of 433)

A massive clothing mall retailer now closes in New York after unexpectedly filing for Chapter 11 bankruptcy protection.

Express, Inc., the parent company behind the Express, UpWest, and Bonobos brands, has filed for bankruptcy protection.

As a result, the struggling clothing mall retailer plans to close down a total of 95 of its namesake retail stores, including full-price and factory outlet locations, with 11 of those closures set to take place in New York.

The company, which operates approximately 540 stores nationwide, announced that closing sales at the affected locations, including the 11 in New York, commenced on April 23rd.

All 10 UpWest store locations will be shuttered as part of the bankruptcy proceedings, bringing the total number of closures to over 100 stores.

Express stated that it will continue evaluating its store footprint and is collaborating with A&G Realty Partners to determine which additional locations may be closed.

The retailer aims to “right-size its lease portfolio and operations” while maintaining normal business operations across its brands’ remaining stores and online channels.

The bankruptcy filing comes as Express has struggled to gain traction with consumers; Neil Saunders, managing director of GlobalData, noted, “It has been obvious for quite some time that bankruptcy was the inevitable destination for Express.”

In an effort to revive its fortunes, Express has secured a deal with brand management firm WHP Global, Simon Property Group Inc. and Brookfield Properties to sell its operations and most store locations.

Express CEO Stewart Glendinning expressed optimism about the proposed transaction, stating it “will will strengthen our financial position and enable Express to continue advancing our business initiatives.”

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Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing

Other Economy News Today

A massive shoe retailer now announces a new wave of layoffs to hit headquarters this summer, affecting over 700 employees.

Nike has announced its ‘second phase’ of mass layoffs, effective June 28, according to a Worker Adjustment and Retraining Notification (WARN) filing.

A total of 740 employees will be impacted in the retailer’s home state.

The layoffs are part of the 2% workforce reduction Nike announced in February, which is taking place across two phases, the company confirmed via email.

Nike said job titles and the number of employees in each category would be provided at a later date, once the company has determined them.

Bumping rights are not available for the impacted employees, reports Retail Dive.

“Nike’s always at our best when we’re on the offense. The actions that we’re taking put us in the position to right-size our organization to get after our biggest growth opportunities as interest in sport, health and wellness have never been stronger,” Nike said in a statement.

“While these changes will impact approximately 2% of our total workforce, we are grateful for the contributions made by all Nike teammates.”

The layoffs are tied to a cost-savings plan Nike unveiled in December, which is aimed at generating up to $2 billion in cumulative savings over three years.

Based on the company’s last annual report, the layoffs to 2% of its total workforce will impact more than 1,600 people.

Savings from the plan are set to be reinvested in driving growth, innovation and profitability.

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Also Read: A Massive Grocery Brand Now Files For Chapter 11 Bankruptcy

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A bankrupt mall retailer now makes an unexpected comeback after struggling big throughout the pandemic and creating new partnerships.

In the 2010s, Forever 21 was beloved for its cheaper than cheap crop tops, sun dresses, and accessories.

But as folks stopped going to malls — and in 2020 when people stopped going anywhere — sales came to a screeching halt, reports TheStreet.

The retailer filed for Chapter 11 bankruptcy in September 2019, shuttering stores and ceasing operations in 40 countries.

In early 2020, it sold all of its remaining assets to Simon Property Group, Brookfield Properties, and Authentic Brands, as the company was determined to focus more on its central U.S. operations.

A month later, Forever 21 closes all of its stores due to covid.

Since the takeover (which Brookfield has since exited from), Forever 21 has been busy reinventing its name in fast fashion.

It’s partnered with big name designers like Herve Leger and blockbuster cultural phenomena like Barbie.

And on April 24, the mall retailer announced it would launch its own bridal line, signaling its intent to diversify away from clothing meant just for teens or the 20-something bar scene. 

The introductory collection features 22 individual styles intended both for the bride and her bridesmaids.

Some of the pieces in the line include: 

• Dresses
• Hair accessories
• Swimsuits and lingerie
• Shape wear
• Pajamas
• Cowboy hats
• Jewelry and accessories
• Shoes
• Handbags

The items range in price from $8.99 to $47.99 and sizes from XS to XL.

Most of the items are casual or meant to cater to wedding-adjacent activities, such as bachelorette parties, wedding showers, receptions, and more casual ceremonies.

Bridal seems to be the future for more than one mall retailer. Earlier in 2023, Abercrombie & Fitch (ANF) said it would launch its own bridal line, featuring a line of about 100 dresses and accessories with a price range of $70-$200.

Also Read: A Massive Grocery Brand Now Files For Chapter 11

Other Economy News Today

A grocery chain with 900 outlets now makes an unexpected closure in Illinois, leaving customers mourning its loss.

A Save-A-Lot store in Rockford, Illinois, will be closing its doors for good on May 20.

Customers were informed of the sudden news by a sign on the door telling them to go to another branch for their goods.

However, locals are concerned as a store that opened in February 2015 propped up the neighborhood following the loss of a Schnucks store.

The Save-A-Lot location not only provided jobs but also a budget store.

Following the closure, shoppers are going to be left with fewer options with one resident saying, “We have no choices.”

“This is going to be a hard hit for the people in this neighborhood…this community…and this side of town…we have nothing,” one shopper told WREX.

“I’m not happy because they are a less expensive store, you get more for your money.”

“Schnucks is on the higher end, and Aldi is higher than they used to be.”

The shopper noted that options in the area are limited with the nearest grocery stores being Aldi which is around two miles away, and Schnucks, two and a half miles away.

“We have no choices, we have dollar stores – they have competitive prices, but they don’t carry a lot of stuff you can’t feed a family on that, you need stores like this.”

“I feel like we’re a dry county when it comes to groceries and it’s really hard,” another shopper added.

“I’m kind of heartbroken about it. It’s a shame it’s going to hurt a lot of people.”

For more news and updates like this, opt-in for push notifications.

Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing

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Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

You can also follow me on X (Twitter), Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.

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Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.

11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.

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A massive US bank is now holding customer checks according to several user reports, and it’s only gotten worse.

Bank of America clients have been saddled by direct deposit delays following a payment processing glitch.

Social media users tagged the bank to explain how their paychecks hadn’t yet hit their accounts in November.

“Bank of America Day 4 & still no direct deposit, no update on potential resolution,” one user wrote on X.

“Or at the very least what’s being done to resolve the issue, no transparency, no assistance, no communication from you all at all.

Nothing. Wow. This is so bizarre.”

Wells Fargo clients also reported experiencing direct deposit lags, and both banks reported questions to The Clearing House.

The Clearing House is an automated clearing house system that operates as a private sector in the US.

The Clearing House told CBS MoneyWatch that payment instructions were sent to banks due to a “processing error.”

Payments were delayed since banks needed to process data and incoming payments to clients’ accounts.

The company said it worked with the affected customers and the Federal Reserve to fix the issue.

“Many of the delayed payments have already been posted, and we will continue working with financial institutions to ensure the remaining transactions are processed,” The Clearing House wrote.

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Also Read: A Massive US Bank is Now Closing Credit Cards

Other Economy News Today

Social Security users are now being hit by unexpected overpayments, a problem the administration has admitted they must work on.

A Social Security user had to go back and forth with the administration for years over an overpayment notice.

The 2018 notice informed the user she owed thousands of dollars, and she was later hit with another notice that she owed interest, reports The US Sun.

The Social Security user shared the details of her experience in a Facebook post from January.

She explained how she got approved for Social Security in 2018, but at the end of that year, she received a notice that she had been overpaid $4,000.

She appealed the overpayment “since it wasn’t my fault” and proceeded to use the money to pay off her bills and purchase a new AC unit.

“Then there was a lot of back and forth,” she wrote.

The administration claimed that it had not received her appeal, which she disputed.

The Facebook user noted that the pandemic hit, and then years later in 2023, she received a letter stating that she owed $7,065, which included over $3,000 in interest.

The woman went to the administration with proof for her case but was asked to fill out a new appeal, which she refused.

Instead, she had a lawyer friend send the administration a “polite letter” with copies of the original appeal, which had five dated stamps.

“Today the mail came and I got violently ill because I just don’t expect good news from social security,” wrote the woman.

However, in an unexpected positive turn, the administration approved the user’s appeal and dropped her overpayments.

Do you have a similar story? Leave your thoughts below.

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Also Read: SNAP Benefits Will Now Increase For The Year 2024

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

You can also follow me on X (Twitter), Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.

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Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?

Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.

11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.

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A massive grocery chain is now hit by a discrimination lawsuit, the company has confirmed it will pay $265,000 to settle.

A federal investigation determined Sprouts subjected employees in the Los Angeles area to sexual harassment and retaliation.

The U.S. Equal Employment Opportunity Commission announced last Friday that Sprouts Farmers Market settled a federal charge of sex discrimination including sexual harassment and retaliation.

The EEOC claims the specialty grocer’s store in the San Fernando Valley area of Los Angeles subjected a group of employees to sexual harassment and retaliated against them for complaining about the harassment.

After an investigation, the EEOC found “reasonable cause to believe” that Sprouts violated Title VII of the Civil Rights Act of 1964, which protects employees from employment discrimination based on race, color, religion, sex and national origin.

To resolve the charge, Sprouts, without admitting liability, entered into a one-year conciliation agreement with the EEOC, requiring the grocer to provide $265,000 to a group of individuals affected by the harassment and retaliation.

Sprouts will also get an external Title VII consultant/monitor; update its policies as necessary; provide training to all employees in the affected district on Title VII, sexual harassment and retaliation; and update its investigation process.

The EEOC said it will monitor the grocer’s compliance with this agreement.

Patricia Kane, acting director of the EEOC’s Los Angeles district, commended Sprouts for addressing the concerns as well as providing relief for the class.

In an emailed statement, Sprouts said it is “pleased” to have the EEOC’s allegations resolved.

“Sprouts fosters a work environment of care and respect and we do not tolerate harassment of any kind.

We continue to protect team members who report wrong-doing and will take appropriate action when Sprouts’ culture or policies are violated,” the grocer said in the statement.

For more news and updates like this, opt-in for push notifications.

Also Read: A Massive Grocery Brand Now Files For Chapter 11

Other Economy News Today

A grocery chain with 900 outlets now makes an unexpected closure in Illinois, leaving customers mourning its loss.

A Save-A-Lot store in Rockford, Illinois, will be closing its doors for good on May 20.

Customers were informed of the sudden news by a sign on the door telling them to go to another branch for their goods.

However, locals are concerned as a store that opened in February 2015 propped up the neighborhood following the loss of a Schnucks store.

The Save-A-Lot location not only provided jobs but also a budget store.

Following the closure, shoppers are going to be left with fewer options with one resident saying, “We have no choices.”

“This is going to be a hard hit for the people in this neighborhood…this community…and this side of town…we have nothing,” one shopper told WREX.

“I’m not happy because they are a less expensive store, you get more for your money.”

“Schnucks is on the higher end, and Aldi is higher than they used to be.”

The shopper noted that options in the area are limited with the nearest grocery stores being Aldi which is around two miles away, and Schnucks, two and a half miles away.

“We have no choices, we have dollar stores – they have competitive prices, but they don’t carry a lot of stuff you can’t feed a family on that, you need stores like this.”

“I feel like we’re a dry county when it comes to groceries and it’s really hard,” another shopper added.

“I’m kind of heartbroken about it. It’s a shame it’s going to hurt a lot of people.”

For more news and updates like this, opt-in for push notifications.

Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

You can also follow me on X (Twitter), Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.

---

Frank Nez’s Stock Portfolio

Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?

Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.

11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.

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