Tag: Finance News (Page 1 of 504)

An Unexpected Betting Company is Now Laying Off 100 Employees

An unexpected betting company is now laying off 100 employees, its CEO told staff member in an internal email.

Penn Entertainment will lay off about 100 employees as it focuses on growth for ESPN Bet.

The company employs approximately 20,000 people.

CEO Jay Snowden told staff members in an internal email that it’s embarking on a new phase of growth in its interactive business, which includes ESPN Bet, a $2 billion branding partnership with Disney’s ESPN.

Investors are impatient for Penn to demonstrate its muscle with the rebranded sportsbook, and activist investor Donerail Group has called on the board to sell the casino company.

“When PENN acquired theScore, we hit the ground running with the build-out of our proprietary tech stack and the migration of our sportsbook to theScore’s best-in-class-platform,” Snowden wrote in the memo, which was seen by CNBC.

“This led us to temporarily set aside any potential organizational changes that would typically follow a major acquisition.”

Investors are impatient for Penn to demonstrate its muscle with the rebranded sportsbook, and activist investor Donerail Group has called on the board to sell the casino company.

Rumors have swirled about the potential interest from many other online gaming and brick-and-mortar casino companies.

Truist gaming analyst Barry Jonas wrote in a note Thursday that a sale is unlikely in the near term because of the complexity of a transaction that would likely involve major divestitures.

Penn’s release of new ESPN Bet features this fall during football season should meaningfully improve its product, Jonas said, and a focus on costs indicate the company’s commitment to seeing its investment yield results.

“Investors continue to wonder what an ESPN Bet success could look like, and how much more investment (beyond what’s guided) it’ll take to reach,” Jonas notes.

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

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

Other Economy News Today

Market News Today - An Unexpected Betting Company is Now Laying Off 100 Employees.
Market News Today – An Unexpected Betting Company is Now Laying Off 100 Employees.

Applications for unemployment benefits now surge to new highs, a sign that the white-hot labor market is starting to cool off.

First-time applications for unemployment benefits rose last week to 231,000, the highest level since August, per CNN.

Thursday’s data also showed that the number of continuing claims, or applications from people who have filed for unemployment for at least one week, was 1.78 million.

That’s an increase of 17,000 from the prior week, according to the Bureau of Labor Statistics.

The latest numbers come less than a week after the monthly jobs report showed the US economy added just 175,000 positions in April, less than economists expected and a steep drop-off from prior months.

US employers have now added an average of 245,500 jobs per month, versus 2023’s 251,000-per-month average.

Still, hiring remains strong. Although the unemployment rate ticked up to 3.9% last month, it’s the 27th consecutive month that the jobless rate has held under 4%, matching a streak last seen in the late 1960s.

Weekly jobless claims data tends to be volatile but, while one week’s worth of data “does not a trend make,” said Chris Rupkey, chief economist at Fwdbonds.

“We can no longer be sure that calm seas lie ahead for the US economy if today’s weekly jobless claims are any indication.”

Company layoffs are picking up, hinting at caution on the part of companies as they weigh the outlook for the second half of the year,” he wrote in a note Thursday.

The Federal Reserve has been battling inflation by raising its key lending rate in the hopes of slowing the economy.

While the labor market has so far resisted those efforts, remaining white hot for the past 18 months despite 11 rate hikes from the central bank, Fed Chair Jerome Powell said last week that demand has “cooled from its extremely high level of a couple of years ago.”

Ian Shepherdson at Pantheon Economics said in a note Thursday: “We’d need to see at least a month of elevated readings to convince us that the trend really has turned.”

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

Also Read: A Giant Company Now Announces Unexpected Layoffs in Virginia

Market News Published Daily 📰

Market News Today - An Unexpected Betting Company is Now Laying Off 100 Employees.
Market News Today – An Unexpected Betting Company is Now Laying Off 100 Employees.

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.

Our readers can now donate $3 per month to support independent journalism.

For daily news and updates on your favorite stories, opt-in for push notifications.

Follow Frank Nez on X (Twitter)Instagram, or Facebook.


Support Independent Journalism ✍🏻

Support independent journalism for just $3 per month!

Your contributions help power Franknez.com as the cost of widgets and online tools continue to rise.

Thank you for your support!



A Popular Department Chain Now Makes A Painful Closure

A popular department chain now makes a painful closure of one of its historic and last few remaining locations in California.

After Sears closes its historic location in Stockton, California next month, the retailer will only have around 10 sites left open in the US.

The Stockton Sears store has been a longtime staple of the community, CBS News reported.

CBS13 CBS Sacramento made a post on Facebook with an announcement about the coming closure.

“The end of an era,” A Sears lover commented.

“Loved shopping Sears when they were in Sacramento. Good prices, great appliances, etc.”

Another local shopper shared: “We used to go there all the time when we still lived in Stockton.”

Currently, the department store chain only has 12 lasting locations open in the U.S., including the Stockton store that will shutter in August, reports The US Sun.

A closure date has not been announced by Sears.

Despite no hard date announced yet, a Stockton Sears employee told USA Today Gannett affiliate The Record on Monday the store will be closing in “mid August.”

In addition to a ‘Store Closing’ sign posted by the Sears logo outside of the location, there are similar postings put up inside of the store as well to let customers know the store must have everything gone.

The signs inside the store inform shoppers that “everything must go!”

There are also postings about major discounts to encourage customers to help the store get rid of as much as products as possible with purchases before it closes for good.

The sale signs inside of the Sears store say: “Everything at least 25% to 70% off lowest ticketed price.”

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

Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois

Other Economy News Today

Market News Today - A Popular Department Chain Now Makes A Painful Closure.
Market News Today – A Popular Department Chain Now Makes A Painful Closure.

A beloved grocery chain now confirms unexpected closures across the Northeast taking place by the end of the year.

Grocery chain Stop & Shop has announced that a total of 32 underperforming locations will shutter in the U.S.

The company said the select stores across the Northeast will be closed before the end of the year.

Stores in New Jersey, Massachusetts, New York, Connecticut, and Rhode Island will close by November 2.

In May, the company announced the coming store closures.

“Stop & Shop has evaluated its overall store portfolio and made the difficult decision to close underperforming stores to create a healthy base for the future growth of our brand,” company president Gordon Reid said, per a July 12 press release.

The company’s president added that the closures were essential “to create a healthy base for the future growth of our brand.”

Fortunately, employees will be offered other positions within the company, according to a press release.

The grocery outlet first opened in 2014 and currently has around 400 stores and 60,000 employees, per Fox affiliate KRLD.

Stop & Shop is owned by Ahold Delhaize which also owns Food Lion, Giant Food, and Hannaford.

Which grocery stores are closing?

In New Jersey, 10 locations will close, while only seven will close in New York.

Rhode Island will see two closures and Massachusetts, the home of the first location, will be closing eight.

Five stores will also be closing in Connecticut.

As other chains such as Walmart and Amazon join the grocery business, it has pushed traditional grocery stores out of view, reports The-Sun.

Stop & Shop hopes the closure of underperforming stores will create “future growth” for the company.

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

Market News Published Daily 📰

Market News Today - A Popular Department Chain Now Makes A Painful Closure.
Market News Today – A Popular Department Chain Now Makes A Painful Closure.

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.

Our readers can now donate $3 per month to support independent journalism.

For daily news and updates on your favorite stories, opt-in for push notifications.

Follow Frank Nez on X (Twitter)Instagram, or Facebook.


Support Independent Journalism ✍🏻

Support independent journalism for just $3 per month!

Your contributions help power Franknez.com as the cost of widgets and online tools continue to rise.

Thank you for your support!



Famous Coffee Chain is Now Closing Major Location in Washington

A famous coffee chain is now closing a major location in Washington state this summer, leading loyal customers to start a petition.

Earlier this month Starbucks announced that it would be closing a major location in the neighborhood of Alki in western Seattle, Washington.

Starbucks confirmed to West Seattle Blog that the store, located at 2742 Alki Avenue, would be closing down on Sunday, August 11. 

All current employees staffed at the store are expected to be given opportunities to transfer to nearby locations, reports The-Sun.

The location, which has been open since 1999, will leave only five other stores open in West Seattle after this new closure, according to West Seattle Blog. 

The closure comes approximately 16 years after the last location was shut down in the region.

Local customers are in an uproar over the store closing, with hundreds banding together to launch a petition to keep it open. 

The petition, titled Save Our Alki Beach Starbucks!, outlines four main reasons why the customers want the store to remain: 

  1. Supporting the community
  2. Boosting the local economy 
  3. Convenient location 
  4. Impact on employees

“The Alki Beach Starbucks is more than just a coffee shop; it’s a central gathering place for our community,” the petition reads. 

“It provides a space for friends to meet, families to connect, and neighbors to come together.

“The Alki Starbucks significantly boosts the local economy by attracting visitors and supporting nearby businesses,” it continues.

“Its closure will create a void felt by many, especially remote workers who use it as a hub to take a break from their home offices.”

The petition also claims that by closing the store, Starbucks is decreasing Alki’s walkability and is causing disruptions for store employees.

“We understand that Starbucks needs to make strategic decisions about its store portfolio, but we believe the Alki Beach location is vital to our community,” it reads.

“We ask Starbucks to reconsider this closure and explore other options, such as renovation or relocation within the Alki Beach area.

“Let’s send a message that this place matters to our community.”

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

Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois

Other Economy News Today

Market News Today - Famous Coffee Chain is Now Closing Major Location in Washington.
Market News Today – Famous Coffee Chain is Now Closing Major Location in Washington.

A beloved grocery chain now confirms unexpected closures across the Northeast taking place by the end of the year.

Grocery chain Stop & Shop has announced that a total of 32 underperforming locations will shutter in the U.S.

The company said the select stores across the Northeast will be closed before the end of the year.

Stores in New Jersey, Massachusetts, New York, Connecticut, and Rhode Island will close by November 2.

In May, the company announced the coming store closures.

“Stop & Shop has evaluated its overall store portfolio and made the difficult decision to close underperforming stores to create a healthy base for the future growth of our brand,” company president Gordon Reid said, per a July 12 press release.

The company’s president added that the closures were essential “to create a healthy base for the future growth of our brand.”

Fortunately, employees will be offered other positions within the company, according to a press release.

The grocery outlet first opened in 2014 and currently has around 400 stores and 60,000 employees, per Fox affiliate KRLD.

Stop & Shop is owned by Ahold Delhaize which also owns Food Lion, Giant Food, and Hannaford.

Which grocery stores are closing?

In New Jersey, 10 locations will close, while only seven will close in New York.

Rhode Island will see two closures and Massachusetts, the home of the first location, will be closing eight.

Five stores will also be closing in Connecticut.

As other chains such as Walmart and Amazon join the grocery business, it has pushed traditional grocery stores out of view, reports The-Sun.

Stop & Shop hopes the closure of underperforming stores will create “future growth” for the company.

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

Market News Published Daily 📰

Market News Today - Famous Coffee Chain is Now Closing Major Location in Washington.
Market News Today – Famous Coffee Chain is Now Closing Major Location in Washington.

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.

Our readers can now donate $3 per month to support independent journalism.

For daily news and updates on your favorite stories, opt-in for push notifications.

Follow Frank Nez on X (Twitter)Instagram, or Facebook.


Support Independent Journalism ✍🏻

Support independent journalism for just $3 per month!

Your contributions help power Franknez.com as the cost of widgets and online tools continue to rise.

Thank you for your support!



An Unexpected Restaurant is Now At High Risk of Closures

An unexpected restaurant is now at high risk of closures after its parent company abruptly filed for bankruptcy protection.

Tender Greens, a southern California-based salad restaurant chain has sparked mass fears over closures as its parent company has filed for bankruptcy.

The chain has 24 locations in the South of the state and the Bay Area, according to ScrapeHero.

Tender Greens and its parent company filed for Chapter 11 bankruptcy on July 17 and 18.

The chain’s owner, One Table Restaurant Brands, also owned the Mexican restaurant business Tocaya.

A boss at the parent company said its customer footfall was impacted by Covid and never recovered, according to Restaurant Dive.

Most of Tender Greens’ locations were in downtown Los Angeles, which was very reliant on office workers.

One Table Restaurant Brands’s CEO, Harald Herrmann, blamed the increased use of delivery apps and the commission taken from those orders.

The CEO said around 30-40% of orders are made through these apps.

“A commission rate of between 15 to 18 percent depending upon the provider, coupled with related packaging costs of four percent, make these sales less profitable,” he said in the bankruptcy filing.

“Passing this entire cost along to the consumer is not possible as it would have a negative impact on demand for the Restaurants.”

He also cited California’s $20-an-hour minimum wage.

The legislation, which was passed on April 1, has applied to fast-food restaurants with more than 60 locations.

Although Tender Greens has fewer branches, the CEO said his company had to raise wages to compete with other businesses for staff.

Herrmann also blamed issues that came with rising inflation.

The chain has not confirmed any closures yet but has hoped it could be bought out in time.

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

Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois

Other Economy News Today

Market News Today - An Unexpected Restaurant is Now At High Risk of Closures.
Market News Today – An Unexpected Restaurant is Now At High Risk of Closures.

A beloved grocery chain now confirms unexpected closures across the Northeast taking place by the end of the year.

Grocery chain Stop & Shop has announced that a total of 32 underperforming locations will shutter in the U.S.

The company said the select stores across the Northeast will be closed before the end of the year.

Stores in New Jersey, Massachusetts, New York, Connecticut, and Rhode Island will close by November 2.

In May, the company announced the coming store closures.

“Stop & Shop has evaluated its overall store portfolio and made the difficult decision to close underperforming stores to create a healthy base for the future growth of our brand,” company president Gordon Reid said, per a July 12 press release.

The company’s president added that the closures were essential “to create a healthy base for the future growth of our brand.”

Fortunately, employees will be offered other positions within the company, according to a press release.

The grocery outlet first opened in 2014 and currently has around 400 stores and 60,000 employees, per Fox affiliate KRLD.

Stop & Shop is owned by Ahold Delhaize which also owns Food Lion, Giant Food, and Hannaford.

Which grocery stores are closing?

In New Jersey, 10 locations will close, while only seven will close in New York.

Rhode Island will see two closures and Massachusetts, the home of the first location, will be closing eight.

Five stores will also be closing in Connecticut.

As other chains such as Walmart and Amazon join the grocery business, it has pushed traditional grocery stores out of view, reports The-Sun.

Stop & Shop hopes the closure of underperforming stores will create “future growth” for the company.

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

Market News Published Daily 📰

Market News Today - An Unexpected Restaurant is Now At High Risk of Closures.
Market News Today – An Unexpected Restaurant is Now At High Risk of Closures.

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.

Our readers can now donate $3 per month to support independent journalism.

For daily news and updates on your favorite stories, opt-in for push notifications.

Follow Frank Nez on X (Twitter)Instagram, or Facebook.


Support Independent Journalism ✍🏻

Support independent journalism for just $3 per month!

Your contributions help power Franknez.com as the cost of widgets and online tools continue to rise.

Thank you for your support!



A Famous Clothing Brand is Now Pulling Out of DC

A famous clothing brand is now pulling out of DC after a location was ransacked by thieves, with a farewell note being left to customers.

Lululemon has abruptly shut down a location that was ransacked by thieves.

“Our location is closing,” the note read, according to local news site PoPville.

“Our time at this location is coming to an end.

We’ve loved being a part of this community and are grateful to have been here!”

The message encouraged shoppers to take one last trip to the store before it shut down for good.

The 14th Street store in Northwest Washington closed permanently on Sunday, July 21, 2024.

The chain signed their goodbye note with “yours in sweat, lululemon 14th Street.”

The farewell note did not give a reason as to why this particular location was closing, but it does not appear to be linked to sales numbers.

The company has yet to confirm why this location has been closed, but the move comes less than a week after it was robbed, reports The US Sun.

Lululemon has been the target of numerous theft attempts in Washington DC this year, per the outlet.

The 14th Street store was not the only Lululemon in Washington to be targeted.

Two other stores in the city were robbed on the same day – the Georgetown and Penn Quarter stores.

Four people were seen carrying out the thefts, according to surveillance footage obtained by Fox affiliate WTTF.

Lululemon has been abruptly exiting cities across the US, and several more closures are on the horizon.

The Pacific Place store, in Seattle, Washington, was closed in April 2024, and the company has said that an additional four stores will close in the coming future.

The National Retail Federation has reported a significant rise in retail crime in the US.

Retailers reported $112 billion in losses in 2022, up from $93 billion in 2021.

Lululemon is not the only shop in the US that has experienced theft.

With rising inflation, many stores have become subject to this crime.

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

Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois

Other Economy News Today

Market News Today - A Famous Clothing Brand is Now Pulling Out of DC.
Market News Today – A Famous Clothing Brand is Now Pulling Out of DC.

A beloved grocery chain now confirms unexpected closures across the Northeast taking place by the end of the year.

Grocery chain Stop & Shop has announced that a total of 32 underperforming locations will shutter in the U.S.

The company said the select stores across the Northeast will be closed before the end of the year.

Stores in New Jersey, Massachusetts, New York, Connecticut, and Rhode Island will close by November 2.

In May, the company announced the coming store closures.

“Stop & Shop has evaluated its overall store portfolio and made the difficult decision to close underperforming stores to create a healthy base for the future growth of our brand,” company president Gordon Reid said, per a July 12 press release.

The company’s president added that the closures were essential “to create a healthy base for the future growth of our brand.”

Fortunately, employees will be offered other positions within the company, according to a press release.

The grocery outlet first opened in 2014 and currently has around 400 stores and 60,000 employees, per Fox affiliate KRLD.

Stop & Shop is owned by Ahold Delhaize which also owns Food Lion, Giant Food, and Hannaford.

Which grocery stores are closing?

In New Jersey, 10 locations will close, while only seven will close in New York.

Rhode Island will see two closures and Massachusetts, the home of the first location, will be closing eight.

Five stores will also be closing in Connecticut.

As other chains such as Walmart and Amazon join the grocery business, it has pushed traditional grocery stores out of view, reports The-Sun.

Stop & Shop hopes the closure of underperforming stores will create “future growth” for the company.

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

Market News Published Daily 📰

Market News Today - A Famous Clothing Brand is Now Pulling Out of DC.
Market News Today – A Famous Clothing Brand is Now Pulling Out of DC.

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.

Our readers can now donate $3 per month to support independent journalism.

For daily news and updates on your favorite stories, opt-in for push notifications.

Follow Frank Nez on X (Twitter)Instagram, or Facebook.


Support Independent Journalism ✍🏻

Support independent journalism for just $3 per month!

Your contributions help power Franknez.com as the cost of widgets and online tools continue to rise.

Thank you for your support!



« Older posts

© 2024 Franknez.com

Theme by Anders NorenUp ↑