Tag: Investing News (Page 1 of 516)

An Unexpected Restaurant is Now Closing in New Jersey

An unexpected restaurant is now closing in New Jersey for good and customers are expressing their disappointment with the decision.

A Joe’s Crab Shack location is closing in New Jersey and some customers are raging over the restaurant that is about to take its place.

PJ Whelihan’s restaurant has announced that it’s finalizing its agreement to move into the space of Joe’s Crab Shack in Deptford, New Jersey after it closes.

Customers took to Facebook to express their disappointment with the new restaurant.

“Ugh, disappointing. PJ’s is terrible,” one person said.

“Maybe before they expand further they might consider updating their menu…. it’s very tired,” another person said.

“Another PJs?! They need to give us some of the Cherry Hill restaurants so we can have decent food and not outback, Texas Roadhouse and Olive Garden,” a third person commented.

“Tbh there food isn’t great anymore,” a fourth person added.

The store leadership announced that Joe’s Crab Shack was closing down last month.

It has been dealing with several closures around the northeast.

Chief Operating Officer Terry Turney revealed that the closure was a result of “natural lease expiration,” according to local e-news site 42Freeway.

“Joe’s Crab Shack located at 2000 Clements Bridge Road in Deptford, NJ will close its doors on May 26, 2024,” he said.

The nearest Joe’s Crab Shack location is in Baltimore, Maryland, according to the company’s website.

However, Joe’s Crab Shack is not the only store that’s closing its doors.

An Applebee’s restaurant in Hudson, New York shut down after 15 years in business, per the ABC affiliate WTEN.

The company released a statement saying they have appreciated their customers throughout the years.

“We hope to see you at our neighboring restaurants throughout the Albany and Hudson Valley markets,” a spokesperson from T.L. Cannon told The Daily Gazette last month.

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 Closing in New Jersey.
Market News Today – An Unexpected Restaurant is Now Closing in New Jersey.

An unexpected restaurant now abruptly closes 7 locations in one state after revealing plans to shutter a total of 36.

TGI Fridays is closing a total of seven restaurants in one state as part of the company’s ongoing growth strategy.

This comes after the chain abruptly closed 36 locations across 12 states in at the beginning of the year, per The-Sun.

The restaurant chain will pull the plug on seven locations across the state of New Jersey in the coming weeks.

Today, Fridays will welcome in famished diners at its location in Brick for the final time.

“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Weldon Spangler, CEO of TGI Fridays earlier this week.

“We are at the helm of a pivotal moment that will allow us to explore boundless advancement, expansion, and innovation to keep delivering ‘That Fridays Feeling’ that our fans know and love.”

Before the closures, TGI Fridays had about 270 US locations, according to the company’s website.

“As part of the store closures, TGI Fridays is offering more than 1,000 transfer opportunities, which represents over 80% of total impacted employees,” the company previously said in a statement.

“Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise,” said Ray Risley, US president and chief operating officer, in the release.

Eight other locations were sold to former CEO Ray Blanchette, a longtime stakeholder who will acquire the previously corporate-owned restaurants.

The sale comes as major changes have been made to the brand’s leadership, including the news of Weldon Spangler being made CEO.

“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Spangler in a statement.

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

Market News Published Daily 📰

Market News Today - An Unexpected Restaurant is Now Closing in New Jersey.
Market News Today – An Unexpected Restaurant is Now Closing in New Jersey.

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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

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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 Car Company in California Now Announces Massive Layoffs

A car company in California now announces massive layoffs, part of restructuring plan to reduce its operating costs.

Lucid Group, the California-based electric vehicle manufacturer, has unveiled a significant restructuring plan that will result in the reduction of its workforce by approximately 400 employees.

This figure represents about 6% of the company’s total personnel, according to Street Insider.

Lucid said it intends to optimize the Company’s operating expenses in response to evolving business needs and productivity improvements through a reduction of the Company’s current employee workforce.

The Company expects to substantially complete the Plan by the end of the third quarter of 2024, subject to local law and consultation requirements.

The Company estimates that it will incur a total of approximately $21 million to $25 million in charges in connection with the Plan, which consist primarily of charges related to severance payments, employee benefits, employee transition, and stock-based compensation.

Lucid said it expects that charges of approximately $19 million to $23 million will be recognized primarily in the second quarter of 2024, with the majority of such charges anticipated to be paid by the end of the third quarter of 2024.

Substantially all of these charges are expected to result in cash expenditures.

The charges related to stock-based compensation are not expected to be material, per Street Insider.

In a statement, Peter Rawlinson, Lucid Group’s Chief Executive Officer and Chief Technology Officer, acknowledged the difficult nature of the decision.

“Letting go of our talented team members is a difficult decision that we did not take lightly.

We are grateful to everyone who has contributed to Lucid’s journey at every step,” he said.

Rawlinson further expressed the company’s appreciation for the affected employees and outlined the support measures in place.

“Accordingly, we have extended severance and health benefits to the impacted employees, and we are offering them outplacement services.

We ask for empathy and support for colleagues beginning their search for new employment.”

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 - A Car Company in California Now Announces Massive Layoffs.
Market News Today – A Car Company in California Now Announces Massive Layoffs.

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 - A Car Company in California Now Announces Massive Layoffs.
Market News Today – A Car Company in California Now Announces Massive Layoffs.

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.



An Unexpected Company Is Now Laying Off 600 in Massachusetts

An unexpected company is now laying off 600 in Massachusetts, part of a restructuring plan to reduce its costs.

Takeda Pharmaceutical, the largest drug maker in Massachusetts by headcount, on Friday confirmed that it plans to lay off 641 employees in the state between early July and next March.

Some 495 layoffs will be in Cambridge and 146 in Lexington, according to a filing by the Tokyo-based drug giant with the state Executive Office of Labor and Workforce Development.

A company spokesperson declined to specify what kinds of workers would be laid off but said the job cuts were part of a restructuring plan announced on May 9 by Takeda’s chief executive, Christophe Weber.

Takeda’s US headquarters is located in Cambridge and the company employed 6,290 workers in the state in 2023, according to the most recent “industry snapshot” of the Massachusetts Biotechnology Council.

That was far more than any other company in the state’s robust biopharma sector, reports Boston Globe.

Takeda is “committed to our presence in Massachusetts” and expects to remain the largest life sciences employer in the state, according to the spokesperson.

On May 9, Weber announced a restructuring plan after annual profits fell by more than half following the loss of patent protection of several major drugs.

The company estimated it would incur about $900 million in costs while it reorganized and trimmed its drug pipeline.

Weber said at the time that the firm needed “rigorous prioritization, efficiencies and organizational agility.”

Cost-cutting measures have included plans to close Takeda’s research site in San Diego.

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 Company Is Now Laying Off 600 in Massachusetts.
Market News Today – An Unexpected Company Is Now Laying Off 600 in Massachusetts.

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 Company Is Now Laying Off 600 in Massachusetts.
Market News Today – An Unexpected Company Is Now Laying Off 600 in Massachusetts.

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 Giant Plant in Illinois Now Announces Surprising Layoffs

A giant plant in Illinois now announces surprising layoffs, affecting a total of 215 workers according the a WARN notice.

Deli meats manufacturer Land O’Frost will lay off 215 workers when it shutters its plant in Pullman, Illinois, according to a state Worker Adjustment and Retraining Notification Act notice filed on April 29.

The plant produces specialty meats for one of its brands, DaBecca Natural Foods, which Land O’Frost acquired in 2022.

The job cuts are scheduled to start June 17, according to the WARN notice.

Production will move to other locations in the company’s U.S. manufacturing network, a Land O’Frost spokesperson told Manufacturing Dive in an email.

The company did not specify the reason behind the closure, but noted impacted employees will receive comprehensive severance packages with benefits.

“This was an incredibly difficult decision to make due to its impact on a group of dedicated team members and one we put much thought into.

We are confident that consolidating operations will enhance our ability to serve our customers effectively and to our standard of excellence,” the spokesperson said in an emailed statement.

Land O’Frost is headquartered in Munster, Indiana, and employs about 1,500 people, according to its website.

The family-owned company operates another Illinois plant in Lansing, also in the Chicago area, as well as factories in Madisonville, Kentucky, and Searcy, Arkansas, according to its LinkedIn.

Land O’Frost is among several food manufacturers closing plants and reducing headcounts this year.

In April, Conagra Brands announced plans to close its Wisconsin Birds Eye plant and lay off 252 people.

That same month Del Monte Foods said it will shutter two plants to “align and streamline operational capacity with consumer demand.”

And meat giant Tyson Foods is laying off a whopping 1,276 manufacturing jobs at a pork plant in Iowa — its eighth facility closure since the start of 2023.

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 - A Giant Plant in Illinois Now Announces Surprising Layoffs.
Market News Today – A Giant Plant in Illinois Now Announces Surprising Layoffs.

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 - A Giant Plant in Illinois Now Announces Surprising Layoffs.
Market News Today – A Giant Plant in Illinois Now Announces Surprising Layoffs.

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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