Tag: Business News (Page 3 of 412)

A Giant Company Now Makes Unexpected Layoffs in Arizona

A giant company now makes unexpected layoffs in Arizona after officially filing for Chapter 11 bankruptcy and shutting its stores.

99 Cents Only Stores has advised the Arizona Department of Economic Security that a total of 1,400 employees will be laid off.

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 60 days’ notice before laying off 50 or more people at a single site.

Just days after announcing it would liquidate, 99 Cents Only Stores on Sunday filed for Chapter 11 bankruptcy in Delaware.

The retailer’s parent company, Number Holdings, said the bankruptcy process will enable the company to implement the wind-down of its business operations, per Retail Dive.

99 Cents Only listed assets and liabilities ranging from $1 billion to $10 billion.

The company’s top 10 creditors are collectively owed just under $35 million, according to the court documents.

99 Cents Only said it has secured $60.8 million in debtor-in-possession financing, subject to court approval, to facilitate the wind-down process.

Layoffs in Arizona 2024.
Layoffs in Arizona 2024.

Other businesses who announced of upcoming layoffs in Arizona this month include:

  • 99 Cents Only. 1,400 job cuts filed on 4/9.
  • COR Restaurant Services, LLC. 140 job cuts filed on 4/9.
  • Spectrum Home Healthcare LLC. 70 job cuts filed on 4/5.
  • North Country HealthCare. 26 job cuts filed on 4/2.
  • Volta Charging Industries, LLC. 2 job cuts filed on 4/1.

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

Other Economy News Today

Market News Today - A Giant Company Now Makes Unexpected Layoffs in Arizona.
Market News Today – A Giant Company Now Makes Unexpected Layoffs in Arizona.

A popular company now makes a surprising move to exit bankruptcy after the pandemic led the business to rack up significant losses.

WeWork said on Tuesday it aimed to emerge from Chapter 11 bankruptcy in the U.S. and Canada by May 31 and had negotiated more than $8 billion, or over 40%, reduction in rent commitments from landlords.

WeWork Inc. is a provider of coworking spaces, including physical and virtual shared spaces, headquartered in New York City.

The shared office space provider, once privately valued at $47 billion, filed for bankruptcy in November as it racked up losses on its long-term leases after demand for office space plunged during the pandemic and from a shift to hybrid working.

The SoftBank-backed company’s post-bankruptcy business plan is premised on a significant reduction in future rent costs from its landlords.

WeWork said on Tuesday that it had agreed to amend about 150 leases with better economic terms, such as reduced rent payments, and it is in the process of exiting another 150 leases.

The company will maintain 150 leases without change, and it is still negotiating with landlords for about 50 additional locations.

WeWork’s lease negotiations will allow the company to exit from bankruptcy as a leaner business, ready to provide workspaces that will benefit both employers and landlords during a period of uncertainty in commercial real estate markets, according to WeWork’s global head of real estate, Peter Greenspan.

“The need for these types of services and spaces has only increased, so it is a good time to go through this process with the landlords and rethink how we monetize all this office space that used to be filled with traditional, long-term leases,” Greenspan said in an interview.

WeWork co-founder Adam Neumann has submitted a bid of more than $500 million to buy back the company, with the financing process currently unclear, reports Reuters.

WeWork declined to comment on Neumann’s specific bid, saying it receives and reviews “expressions of interest from third parties on a regular basis.”

Under Neumann, WeWork rapidly expanded to become the most valuable U.S. startup.

But his pursuit for growth at the expense of profit and revelations about his eccentric behavior led to his ouster and derailed an initial public offering in 2019, reports the outlet.

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Also Read: Your Favorite Tech Company Now Lays Off Over 600 Employees

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Market News Today - A Giant Company Now Makes Unexpected Layoffs in Arizona.
Market News Today – A Giant Company Now Makes Unexpected Layoffs in Arizona.

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Three Massive Bank Branches Are Now Closing in California

Three massive bank branches are now closing in California according to fresh data from the Office of the Comptroller of the Currency.

This week, two giant banks closed two branches in the golden state.

Bank of America closed its location on 3591 Mission Blvd, Fremont while JPMorgan shuttered its branch on 1030 W Alameda Ave, Burbank.

However, three additional major bank branches have now made the list of upcoming closures in California.

The Office of the Comptroller of the Currency details that the following bank branches will be closing in California soon:

  • Bank of America. 225 Canyon Crest Dr, Riverside
  • Bank of America. 8949 Clairemont Mesa Blvd, San Diego
  • Bank of America. 7404 Jackson Dr, San Diego

According to official US Government data, over 220 bank branches closed across the nation in January and February, and California was the state most impacted.

The federal regulator found Bank of America, US Bank and Citizens led the charge with the national banks accounting for nearly half of all closures, reports GBNews.

These banking groups closed 92 locations within the space of eight weeks with 222 sites closing down during the period overall.

If banks across the United States continue to shut down at their current rate, around 1,300 will close by the end of 2024.

Steven Reider, the founder and president of Bancography, cited the growing confidence among banks in being able to provide sufficient financial services online.

In January and February, Bank of America’s 41 branch closures having potentially saved the financial institution nearly $100million.

Redier explained: “’Banks are willing to close a branch that isn’t really overlapping any other branch on the gamble that customers are willing to drive a little bit further.

“I think Bank of America has leaned into that more than the other large banks have.”

The rate of bank branch closures has been exacerbated due to the Covid pandemic which resulted in people relying on online banking services due to staying at home.

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Also Read: California’s New $20 Minimum Wage Now Creates Painful Layoffs

Other Economy News Today

Market News Today - Three Massive Bank Branches Are Now Closing in California.
Market News Today – Three Massive Bank Branches Are Now Closing in California.

A massive bank now freezes money from direct deposits affecting several users. The giant says it was an unprecedented glitch.

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

Customers began to report digital payment delays to Bank of America.

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.

An ACH network enables money to be digitally transferred between US bank accounts.

The Clearing House and the Federal Reserve Banks process millions of payments daily, as per The Clearing House.

Its process involves an operator sending a file to a bank or credit union and allowing the institution to transfer funds into a client’s account.

The Clearing House posted a statement on its website saying the payment error resulted from masked information, “due to a TCH error.”

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Also Read: The US Treasury Direct is Now Freezing Customer Accounts

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Market News Today - Three Massive Bank Branches Are Now Closing in California.
Market News Today – Three Massive Bank Branches Are Now Closing in California.

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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!

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Frank Nez’s Stock Portfolio

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

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



A Popular Company Now Announces Unexpected Layoffs in Maryland

A popular company now announces unexpected layoffs in Maryland, adding more than a thousand job cuts according to fresh WARN data.

Jacob’s Solutions Inc. has announced that it is laying off a total of 463 employees in Maryland by May 31.

It’s important to note that under the Worker Adjustment and Retraining Notification Act, an employer with more than 100 full-time workers must give 60 days’ notice before laying off 50 or more people at a single site.

In March the company announced that it would wrap up work on one MacDill Air Force Base contract before beginning another.

The Dallas-based company announced in a notice to the state of Florida that it would lay off a total of 536 employees after the federal government didn’t renew a contract for information technology services.

Now the company has filed a WARN notice with the Maryland Department of Labor advising that 463 staff will be laid off on May 31.

Layoffs in Maryland 2024.
Layoffs in Maryland 2024.

Other businesses laying off in Maryland this year include:

  • Upper Chesapeake Emergency Medicine Physicians, LLC (“UCEMP”). 190 job cuts by 6/1.
  • Volta Charging Industries, LLC. 2 job cuts by 5/31.
  • Penn Parking, Inc. 57 job cuts by 5/31.
  • AES Warrior Run, Limited Partnership. 40 job cuts by 6/1.
  • Reimagined Parking. 33 job cuts by 5/18.
  • Charles River Laboratories. 14 job cuts by 5/13.
  • Essendant Co. 101 job cuts by 5/17.
  • Adecco USA. 45 job cuts by 5/10.
  • Jobandtalent Hirings, LLC d/b/a LGS Staffing. 125 job cuts by 5/10.
  • Walmart. 213 job cuts by 4/12.
  • Home Depot. 40 job cuts by 4/23.
  • Daifuku Services America Corporation. 67 job cuts by 4/22.
  • District Photo, Inc. 64 job cuts by 4/14.

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

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

Market News Today - A Popular Company Now Announces Unexpected Layoffs in Maryland.
Market News Today – A Popular Company Now Announces Unexpected Layoffs in Maryland.

A popular company now makes a surprising move to exit bankruptcy after the pandemic led the business to rack up significant losses.

WeWork said on Tuesday it aimed to emerge from Chapter 11 bankruptcy in the U.S. and Canada by May 31 and had negotiated more than $8 billion, or over 40%, reduction in rent commitments from landlords.

WeWork Inc. is a provider of coworking spaces, including physical and virtual shared spaces, headquartered in New York City.

The shared office space provider, once privately valued at $47 billion, filed for bankruptcy in November as it racked up losses on its long-term leases after demand for office space plunged during the pandemic and from a shift to hybrid working.

The SoftBank-backed company’s post-bankruptcy business plan is premised on a significant reduction in future rent costs from its landlords.

WeWork said on Tuesday that it had agreed to amend about 150 leases with better economic terms, such as reduced rent payments, and it is in the process of exiting another 150 leases.

The company will maintain 150 leases without change, and it is still negotiating with landlords for about 50 additional locations.

WeWork’s lease negotiations will allow the company to exit from bankruptcy as a leaner business, ready to provide workspaces that will benefit both employers and landlords during a period of uncertainty in commercial real estate markets, according to WeWork’s global head of real estate, Peter Greenspan.

“The need for these types of services and spaces has only increased, so it is a good time to go through this process with the landlords and rethink how we monetize all this office space that used to be filled with traditional, long-term leases,” Greenspan said in an interview.

WeWork co-founder Adam Neumann has submitted a bid of more than $500 million to buy back the company, with the financing process currently unclear, reports Reuters.

WeWork declined to comment on Neumann’s specific bid, saying it receives and reviews “expressions of interest from third parties on a regular basis.”

Under Neumann, WeWork rapidly expanded to become the most valuable U.S. startup.

But his pursuit for growth at the expense of profit and revelations about his eccentric behavior led to his ouster and derailed an initial public offering in 2019, reports the outlet.

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

Also Read: Your Favorite Tech Company Now Lays Off Over 600 Employees

Market News Published Daily 📰

Market News Today - A Popular Company Now Announces Unexpected Layoffs in Maryland.
Market News Today – A Popular Company Now Announces Unexpected Layoffs in Maryland.

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)InstagramFacebook, 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.



A Big Social Security Money Check Will Now Hit Accounts

A big Social Security money check will now hit accounts depending on the date of your birth very soon, various sources are reporting.

Social Security recipients can find their March check of up to $4,873 in their accounts right now, reports The US Sun.

COLA recipients with birthdates after the 21st of the month collected their checks on March 27.

COLA means the cost-of-living adjustments.

Legislation to enact COLA passed in 1973.

COLA is intended to offset inflation and a formula is set to determine how much the amount rises or drops each year.

Beneficiaries born between the 11th and 20th of the month received their payment on March 20.

Those with a birthday between the first and 10th of the month already got their money on March 13.

The maximum COLA amount for this year 2024 is $4,873, and the average amount paid is $1,907.

2024 payments are $58 higher on average than the benefits sent out in 2023.

For this month of April, depending on a recipient’s birthday, they will receive a payment on April 10, 17, or on the 24th.

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Also Read: Retirees Will Now Receive More Money For Social Security

Other Economy News Today

Market News Today - A Big Social Security Money Check Will Now Hit Accounts.
Market News Today – A Big Social Security Money Check Will Now Hit Accounts.

Raising the age for social security will mean massive impact for the growing demographic of those who rely on assistance.

House Republicans unveiled a plan last week that calls for raising the Social Security retirement age, reports CNBC.

“Both Social Security and Medicare face looming insolvency dates, while the number of senior [citizens] who rely on those programs is projected to grow.”

Republicans’ budget proposal calls for “modest adjustments” to the retirement age to reflect longer life expectancies, though it did not specify how high the age could go up.

Social Security’s full retirement age — when beneficiaries may receive 100% of the benefits they’ve earned — is currently 67 for people born in 1960 or later.

The plan also calls for reducing full retirement age benefits for high-income earners, while also limiting and phasing out “auxiliary benefits” for those beneficiaries’ spouses and dependents.

The budget did not specify the income thresholds to which those changes would apply.

“There is a lot of willingness and openness on the Republican side of the aisle to reduce Social Security benefits for high earners,” said Emerson Sprick, associate director of economic policy at the Bipartisan Policy Center.

The Republican Study Committee budget calls for “Making Social Security Solvent Again.”

The reforms would be gradually phased in and “affect no senior in or near retirement,” according to the plan.

Ultimately, the goal for the changes is to make Social Security’s retirement trust fund “sustainably solvent.”

The Republican budget proposal would restructure Medicare so beneficiaries receive premium support subsidies, which they may use to pay for either through federal traditional Medicare or private Medicare Advantage plans.

The amount of the subsidies would be based on a benchmark that would be chosen after testing several options, according to the plan.

To help shore up Social Security’s shortfall, Biden’s budget calls for the “highest-income Americans to pay their fair share.”

“Under my plan nobody earning less than $400,000 will pay an additional penny in federal taxes,” Biden said during his State of the Union address earlier this month.

The president’s budget proposal also calls for improving Social Security and Supplemental Security Income benefits for retirees and individuals with disabilities who “face the greatest challenges making ends meet.”

Biden’s budget also aims to shore up Medicare in keeping with changes he has previously proposed.

That includes raising the Medicare tax rate on both earned and unearned income from 3.8% to 5% for those earning more than $400,000.

Do you think raising the age for social security benefits is wise?

Leave your thoughts below.

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Also Read: New Social Security Benefit Will Now Save Beneficiaries

Market News Published Daily 📰

Market News Today - A Big Social Security Money Check Will Now Hit Accounts.
Market News Today – A Big Social Security Money Check Will Now Hit Accounts.

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)InstagramFacebook, 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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