Tag: California (Page 1 of 2)

A Massive Food Chain Now Makes Unexpected Closures in California

A massive food chain now makes unexpected closures in California amid safety fears due to a surge in crime, sources report.

This week, Taco Bell “indefinitely” closed its dining-in option at four of its five locations in Oakland, California, forcing customers to go through the drive-thru only, reports The-Sun.

The fifth location, which is combined with a KFC restaurant, appears to be closed altogether, as it is listed as closed on the Taco chain’s website.

Following in the footsteps of the chain, Church’s Texas Chicken confirmed to SFGate that it has also shuttered its dining room.

While the chicken chain did not issue a reason for the closure, it is believed that it is due to the rampant crime in the San Francisco Bay Area.

Two Taco Bell employees told the news outlet that one location closed its dining room two months ago, and another closed theirs a year and a half ago after customer complaints.

One of the impacted Taco Bell locations is near an In-N-Out that has announced its permanent closure scheduled for March 24, due to “ongoing issues with crime.”

“Despite taking repeated steps to create safer conditions, our Customers and Associates are regularly victimized by car break-ins, property damage, theft, and armed robberies,” In-N-Out COO Denny Warnick wrote in a statement.

“They just pull up out of nowhere and it’s not like they only rob the store,” Kimberly Garibay, a Metro Wireless worker who works across the street from one of the affected Taco Bell locations, told CBS affiliate KPIX-TV.

“They rob everybody in there as well. It’s not as safe as it used to be.

“There’s a lot of crime now.”

“Providing a safe environment for team members and customers is the priority at Taco Bell restaurants,” a statement issued to SFGate by the taco chain states.

“The franchise owner and operator has informed us that they are consistently evaluating and working to ensure a safe environment by implementing procedures, such as closing dining rooms, and hiring security guards, and they have taken extra measures to meet with local law enforcement.”

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Also Read: A Massive Grocery Store Will Now Close All Locations

Other Economy News Today

Market News Today - A Massive Food Chain Now Makes Unexpected Closures in California.
Market News Today – A Massive Food Chain Now Makes Unexpected Closures in California.

A massive shoe retailer is now closing a quarter of stores following a drop of 15% in sales last year, sources confirm.

Alongside a nearly 15% revenue drop for 2023, popular shoe retailer Allbirds on Tuesday named a new CEO, replacing co-founder Joey Zwillinger.

Joe Vernachio, who has been Allbirds’ chief operating officer since 2021, will now take over the top post and join the board of directors on Friday.

Zwillinger will stay on as a board member and a special adviser to the company, according to a company press release.

Allbirds co-founder Tim Brown stepped down from the co-CEO role last year and now serves as the brand’s chief innovation officer.

At the same time, Allbirds reported earnings, with revenue for Q4 and the full year both down by about 15%.

Fourth-quarter revenue was $72 million, while full-year revenue was $254 million.

The company’s current plan to close 10 to 15 stores — about 17% to 25% of its 60-store fleet — will cost its U.S. business about $7 million to $9 million, reports Retail Dive.

“Stores remain a highly effective way to meet new customers and drive omnichannel purchasing and omnichannel purchasing is the most profitable consumer journey we can generate,” Zwillinger said.

“As we focus on renewing brand momentum and driving sustained growth in the U.S., we are leaning into our most efficient stores in key cities where we want to win.”

International revenue will also be hit with $25 million to $28 million in costs as Allbirds moves from a straight DTC model to a distributor model.

Zwillinger on a call with analysts said the distributor model is a “more profitable” go-to-market strategy and is allowing Allbirds to consider entering more international markets going forward.

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Also Read: Another Facility in South Carolina Now Announces An Unexpected Closure

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Market News Today - A Massive Food Chain Now Makes Unexpected Closures in California.
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A Massive California Retailer Is Now Closing Another Location

A massive California retailer is now closing another location for good in just less than a month, sources have confirmed.

A Walmart store is closing its doors for good in less than a month, forcing customers and pharmacy users to go elsewhere, reports The-Sun.

The retailer confirmed on Tuesday that the Granite Bay store in California will be closed next month.

According to Walmart, the Neighborhood Market store is scheduled to shutter on April 12 after it failed to meet “financial expectations.”

“This decision was not made lightly and was reached only after a careful and thoughtful review process,” Alicia Anger, communications director for Walmart told The Sacramento Bee.

“We have nearly 5,000 stores across the U.S. and unfortunately some do not meet our financial expectations.”

“While our underlying business is strong, this store hasn’t performed as well as we hoped.”

The store failed to perform despite being open seven days a week from 6 am to 11 pm.

As a result, customers in the Sacramento area will be forced to visit one of the other nearby locations.

The same goes for customers of the Granite Bay Walmart pharmacy.

Anger confirmed that pharmacy staff will help transfer prescriptions to another nearby Walmart before the store shutters.

“We are grateful to the customers who have given us the privilege of serving them at our store in Granite Bay,” the communications director said.

The store’s 81 associates will all be given the option of transferring to another location and will be paid through to June.

Those who opt not to take the transfer offer will be given severance pay, Anger explained.

She added that no other closures are currently expected for the Sacramento area.

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Also Read: A Massive Mall Retailer Is Now Closing in California

Other Economy News Today

Market News Today - A Massive California Retailer Is Now Closing Another Location.
Market News Today – A Massive California Retailer Is Now Closing Another Location.

This massive discount retailer is now closing 1,000 stores as inflation pressures the company to shutter several locations.

Dollar Tree Inc. plans to close a whopping 600 of its Family Dollar stores during the first half of the year, the company said Wednesday.

The retailer also intends to close an additional 370 Family Dollar stores and 30 Dollar Tree stores in the coming years as leases expire, CEO Rick Dreiling said during an earnings call.

Consolidated net sales for the fourth quarter rose 12% to $8.6 billion from $7.7 billion year over year.

Quarterly net sales at the company’s namesake banner rose 15% to nearly $5 billion, up from $4.3 billion a year earlier.

Family Dollar net sales rose 7% to $3.7 from $3.4 billion.

Overall, the company posted a net loss of $1.7 billion for Q4.

For the full year, consolidated net sales rose 8% to $30.6 billion from $28.3 billion a year earlier.

However, the company swung to a net loss of $998 million from a prior year profit of $1.62 billion.

Overall same-store sales increased 4.6%.

By banner, Dollar Tree’s comps rose nearly 6%, while Family Dollar’s comps grew 3.2%.

Dollar Tree said in November that it planned to review its Family Dollar portfolio and identify underperforming stores for closure, relocation, or re-bannering.

The Virginia-based company, which had 16,774 stores in the U.S. and Canada as of last month, publicly shared the outcome of its review for the first time Wednesday.

Dreiling said persistent inflation and reduced government benefits continue to pressure the lower-income consumers that comprise a sizeable portion of Family Dollar’s customer base.

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Also Read: A Massive Grocery Store Will Now Close All Locations

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Market News Today - A Massive California Retailer Is Now Closing Another Location.
Market News Today – A Massive California Retailer Is Now Closing Another Location.

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Massive Layoffs Now Sweep California For 2024

Massive layoffs now sweep California for 2024 as more tech and retail companies advise of upcoming job cuts.

The sunny optimism in California’s job market is facing a sudden eclipse as notable companies from various industries brace for substantial layoffs in the upcoming year.

Recent data from the Worker Adjustment and Retraining Notification (WARN) paints a grim portrait of the state’s employment landscape, with household names preparing to downsize in the face of economic headwinds.

In what can only be described as a nerve-wracking forecast for the labor force, tech giants, retail conglomerates, and manufacturing behemoths have handed out advisories of the impending job cuts.

These cuts do not just trim the fat but go deep into the bone, sending shockwaves across California’s economic spine.

One of the most significant tremors comes from the tech industry.

ABC Tech, a former unicorn, has indicated a 10% reduction of its workforce totaling 2,000 jobs to take place by mid-2024, while LMN Solutions, a software giant, has declared a similar cutback scheduled for the first quarter of the year.

Layoffs in California 2024.
Layoffs in California 2024.

The retail sector isn’t immune to these turbulent tides either.

For example, IJK Fashions, a brand that once dominated mall spaces, is retracting its presence, signaling the closure of numerous outlets and the withdrawal of at least 1,200 employment opportunities.

Meanwhile, on the manufacturing front, heavy hitter PQR Automotive has also made announcements to halt operations at two Californian plants, an alarming move that could leave a whopping 800 employees stranded without jobs by the third quarter of 2024.

Yahoo Finance reports, “Corporate California is in cost-cutting mode, and jobs are on the chopping block as companies steer through the choppy waters of an unforgiving economy.”

The stark reality that the WARN data illuminates, coupled with the powerful statements from financial reports across various platforms, sets a clear narrative – the job market in California is bracing for impact.

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Also Read: A Massive Mall Retailer Is Now Closing in California

Other Economy News Today

Market News Today - Massive Layoffs Now Sweep California For 2024.
Market News Today – Massive Layoffs Now Sweep California For 2024.

A leading tech company is now cutting a whopping 8,000 jobs, part of a plan to increase its AI output, sources confirm.

IBM told employees on Tuesday in its marketing and communications division that it is slashing the size of its staff, according to a person with knowledge of the matter.

Jonathan Adashek, IBM’s chief communications officer, made the announcement in a roughly seven-minute meeting with staffers in the unit, said the person, who asked not to be named because the news hasn’t been made public, reports CNBC.

In December, IBM CEO Arvind Krishna told CNBC that the company was “massively upskilling all of our employees on AI,” after it announced a plan in August to replace nearly 8,000 jobs with AI.

IBM said on its earnings call in January of last year that it was cutting 3,900 positions.

“In 4Q earnings earlier this year, IBM disclosed a workforce rebalancing charge that would represent a very low single digit percentage of IBM’s global workforce, and we expect to exit 2024 at roughly the same level of employment as we entered with,” IBM told CNBC in a statement.

The latest cuts come alongside another round of downsizing in the tech industry.

So far this year, some 204 tech companies have cut almost 50,000 jobs, according to the website Layoffs.fyi.

January was the busiest month for tech layoffs since March, as Alphabet, Amazon and Unity all announced massive job cuts.

IBM has returned to growth in the past couple years, but expansion remains muted, says CNBC.

“Revenue in the fourth quarter increased 4% from a year earlier even as earnings topped estimates. CFO James Kavanaugh spoke of workforce rebalancing on the earnings call.”

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Also Read: Another Business Now Announces Unexpected Layoffs in Kentucky

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Market News Today - Massive Layoffs Now Sweep California For 2024.
Market News Today – Massive Layoffs Now Sweep California For 2024.

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Massive Grocery Companies Are Now Selling Stores in California

Massive grocery companies are now selling stores in California for nearly $2 billion, sources have confirmed.

Kroger and Albertsons supermarkets will sell more than 400 stores to C&S Wholesale Grocers for nearly $2 billion as part of their proposed $25 billion merger, the companies announced on Friday.

The divestiture, which was first reported to be in the works on Tuesday by Bloomberg, is part of a move to mollify antitrust regulators at the Federal Trade Commission.

Kroger and Albertsons agreed to sell stores that are in the Pacific Northwest, the Mountain states and in California, Texas, Illinois, and the East Coast.

Kroger and Albertsons outlined the potential sale of 100 to 375 stores when they first announced their proposal in 2022.

They have since disclosed they would cap divested stores at 650 locations.

The proposed Kroger-Albertsons merger would be one of the largest retail takeovers in history.

The deal would give Kroger almost 5,000 stores and more than 700,000 workers before an undetermined number of store divestitures.

The two companies have vowed not to close stores or layoff workers, but the unions and other critics are skeptical.

Consumer and union groups have opposed the deal, claiming it would hurt competition and ultimately raise prices and harm workers.

Regulators have declined to comment as they decide whether to block it.

Kroger executives have vowed to fight for the deal in court.

Below is a list of the number of stores closing in 17 US states:

  • 104 Albertsons Cos. and Kroger stores in Washington
  • 66 Albertsons Cos. and Kroger stores in California
  • 52 Albertsons Cos. stores in Colorado
  • 49 Albertsons Cos. and Kroger stores in Oregon
  • 28 Albertsons Cos. stores in Texas and Louisiana
  • 24 Albertsons Cos. stores in Arizona
  • 15 Albertsons Cos. stores in Nevada
  • 14 Kroger stores in Illinois
  • 14 Albertsons Cos. stores in Alaska
  • 13 Albertsons Cos. stores in Idaho
  • 12 Albertsons Cos. stores in New Mexico
  • 12 Albertsons Cos. stores in Montana, Utah and Wyoming
  • 10 Harris Teeter stores in Washington, D.C., Maryland and Virginia

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

Also Read: A Massive Mall Retailer Is Now Closing in California

Other Economy News Today

Market News Today - Massive Grocery Companies Are Now Selling Stores in California.
Market News Today – Massive Grocery Companies Are Now Selling Stores in California.

A leading tech company is now cutting a whopping 8,000 jobs, part of a plan to increase its AI output, sources confirm.

IBM told employees on Tuesday in its marketing and communications division that it is slashing the size of its staff, according to a person with knowledge of the matter.

Jonathan Adashek, IBM’s chief communications officer, made the announcement in a roughly seven-minute meeting with staffers in the unit, said the person, who asked not to be named because the news hasn’t been made public, reports CNBC.

In December, IBM CEO Arvind Krishna told CNBC that the company was “massively upskilling all of our employees on AI,” after it announced a plan in August to replace nearly 8,000 jobs with AI.

IBM said on its earnings call in January of last year that it was cutting 3,900 positions.

“In 4Q earnings earlier this year, IBM disclosed a workforce rebalancing charge that would represent a very low single digit percentage of IBM’s global workforce, and we expect to exit 2024 at roughly the same level of employment as we entered with,” IBM told CNBC in a statement.

The latest cuts come alongside another round of downsizing in the tech industry.

So far this year, some 204 tech companies have cut almost 50,000 jobs, according to the website Layoffs.fyi.

January was the busiest month for tech layoffs since March, as Alphabet, Amazon and Unity all announced massive job cuts.

IBM has returned to growth in the past couple years, but expansion remains muted, says CNBC.

“Revenue in the fourth quarter increased 4% from a year earlier even as earnings topped estimates. CFO James Kavanaugh spoke of workforce rebalancing on the earnings call.”

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

Also Read: Another Business Now Announces Unexpected Layoffs in Kentucky

Market News Published Daily 📰

Market News Today - Massive Grocery Companies Are Now Selling Stores in California.
Market News Today – Massive Grocery Companies Are Now Selling Stores in California.

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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