Tag: Florida

Another Facility in Florida Now Announces an Unexpected Closure

Another facility in Florida now announces an unexpected closure leading to hundreds of layoffs in the state.

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.

Walgreens officially filed a WARN Act notice with the Florida Department of Economic Opportunity advising that an Orlando facility will be closed in May, resulting in a whopping 324 employees losing their jobs.

“As Walgreens continues to work on solutions to help build business momentum and improve the efficiency of our operations, we have looked closely at our distribution center network, streamlining capacities wherever possible to best support our stores.

After a careful review of our DC operations, we have made the difficult decision to close our Orlando, Florida, distribution center located at 2455 Premier Row, Orlando, FL 32809.

Consistent with these plans, employment separations are expected to commence on or about May 17, 2024.

We anticipate that these changes, when finalized, will be permanent and they would involve the entire facility.

In total, 324 employees will be affected by this site closure,” the company said.

Layoffs in Florida 2024.
Layoffs in Florida 2024.

So far in 2024, there has been 2,033 layoffs in Florida across 28 businesses according to the latest WARN filings.

Other businesses who have advised of upcoming layoffs in Florida include:

  • MV Transportation. 218 job cuts by 4/30.
  • Anuvu Operations, LLC’s Maritime, Energy and Government business. 135 job cuts by 4/20.
  • OBXtek. 57 job cuts by 4/21.
  • LATAM Global Security Services. 166 job cuts by 4/14.
  • Alto Operations Florida LLC. 121 job cuts by 4/12.
  • Coca Cola. 198 job cuts by 4/6.
  • BioDerm, Inc. 50 job cuts by 4/6.
  • Fanatics, LLC. 218 job cuts by 4/1.

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Also Read: Massive Shoe Retailer Is Now Closing A Quarter of Stores

Other Economy News Today

Market News Today - Another Facility in Florida Now Announces an Unexpected Closure.
Market News Today – Another Facility in Florida Now Announces an Unexpected Closure.

A clothing retailer now announces the unexpected closure of all locations as it embarks in a new journey to go fully online.

Outdoor Voices will reportedly shut all of its stores on Sunday, employees of the activewear company have said.

Four employees at four different stores, speaking on condition of anonymity, confirmed the March 17 closures to The New York Times.

The publication said it had seen at internal Slack message sent to employees on Wednesday notifying them that the chain “is embarking on a new chapter as we transition to an exclusively online business.”

The message, other reports suggested, doubled as instructions for what to tell customers.

The message, The Times reported, said products in stores will be discounted 50%.

Current and former Outdoor Voices employees at stores in Austin, Denver, Atlanta, Charlotte, New York, Houston and San Diego also confirmed the news to Axios reporters.

One Austin employee who worked on the company’s marketing team told the publication they and other employees were laid off on March 12 and it was “very sudden”.

“Store teams were told by their manager — who were also laid off — that effective as of end of day Sunday that every single one of our Outdoor Voices stores are closing as well,” the unnamed employee said.

Two of the employees the Times spoke to said they were not offered severance.

Outdoor voices has 16 retail locations, according to its website.

The company was founded by Ty Haney in 2014.

Haney left in 2020 and has since made her feelings very clear: “It’s kind of sickening to see how low it’s gotten,” she said in an interview with The Cut in August 2023.

“I feel sad for it.”

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

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Market News Today - Another Facility in Florida Now Announces an Unexpected Closure.
Market News Today – Another Facility in Florida Now Announces an Unexpected Closure.

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Florida House Prices Now Plunge As The Insurance Crisis Worsens

Florida house prices now plunge as the insurance crisis worsens during a difficult market, sources are confirming.

The price of condos listed for sale in Florida continue their slide, as the state faces a worsening insurance crisis and sellers struggle with high homeowner association (HOA) fees, reports NewsWeek.

“The housing market in the Sunshine State is currently in a difficult situation. On one side, skyrocketing insurance costs are pushing owners to sell their condos; on the other, rising costs are discouraging buyers.”

According to the latest update by real estate platform Redfin, published in late February, sales of condos in Florida plummeted in January even as listings jumped and prices fell, proving how reluctant buyers are to invest in such properties.

While condo prices were up an average 8.4 percent year-on-year in the U.S. in January, some of Florida’s major metros saw a significant drop, with Miami reporting a 2.5 percent slump and Jacksonville a 6.5 percent decline, according to Redfin data.

And in Orlando, condo prices were down just 4.8 percent year-on-year.

As of early on Wednesday, there were 44,623 condos listed for sale on Zillow in Florida, out of a total of 204,248 properties for sale in the state.

Some 12,509 of these condos had a price reduction, a sign that sellers are willing to accept less than they think the property is worth if that means offloading it quickly, says NewsWeek.

“The current crisis in Florida’s condo market is due in part to the rising costs of keeping a condo in the state, including higher HOA fees, as well as skyrocketing home insurance premiums.”

HOAs are now required to regularly assess the safety of condo buildings and collect more money for maintenance and repairs if necessary.

According to the website Florida Realty Marketplace, average HOA fees typically range between $100 and $350 in Florida, though this cost may vary depending on maintenance requirements and community amenities.

Meanwhile, the state appears nowhere near finding a way out of the insurance crisis that has been unfolding for the past few years.

According to the Insurance Information Institute (Triple-I), Florida homeowners are paying the highest premiums in the country, an average of $6,000 in 2023.

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

Other Economy News Today

Market News Today - Florida House Prices Now Plunge As The Insurance Crisis Worsens.
Market News Today – Florida House Prices Now Plunge As The Insurance Crisis Worsens.

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 - Florida House Prices Now Plunge As The Insurance Crisis Worsens.
Market News Today – Florida House Prices Now Plunge As The Insurance Crisis Worsens.

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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!

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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.



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