Tag: Investing News (Page 2 of 389)

A Popular Gaming Company Is Now Cutting 670 Jobs

A popular gaming company is now cutting 670 jobs, equivalent to 5% of its workforce, they announced on Wednesday.

EA, Electronic Arts, announced Wednesday that it will cut 5% of its workforce, part of a plan that includes reducing office space and ending work on some video games.

The popular gaming company employed 13,400 workers as of the end of March 2023, according to its most recent annual filing with the U.S. Securities and Exchange Commission in May.

That means the layoffs will affect approximately 670 jobs.

The company’s announcement marks the latest headcount reduction among video game developers in recent months, continuing a broader trend of significant downsizing across the tech industry, reports CNBC.

On Tuesday, Sony said it would also lay off about 900 employees in its PlayStation division, or 8% of its workforce.

Last month, Microsoft cut 1,900 jobs across its gaming unit three months after it acquired Activision Blizzard, and Tencent’s Riot Games slashed 11% of its workforce.

EA CEO Andrew Wilson wrote in a memo to employees on Wednesday that the video game company is “streamlining our company operations to deliver deeper, more connected experiences for fans everywhere.”

The cuts will support EA’s “strategic priorities and growth initiatives,” according to a Wednesday filing with the SEC.

The company says it expects its restructuring plan will be “substantially complete” by the end of December.

“We are continuing to optimize our global real estate footprint to best support our business,” Wilson wrote in his Wednesday note.

“We are also sunsetting games and moving away from development of future licensed IP that we do not believe will be successful in our changing industry.”

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Also Read: A New Wave of Unexpected Layoffs Now Hits Wisconsin

Other Economy News Today

Market News Today - A Popular Gaming Company Is Now Cutting 670 Jobs.
Market News Today – A Popular Gaming Company Is Now Cutting 670 Jobs.

This massive grocery store is now shutting its doors soon at a historic location which has operated for over 60 years.

The Giant Food store on Langston Boulevard in Arlington, Virginia will permanently close on Thursday, February 29.

Giant Food has anchored the Lyon Village Shopping Center, at 3115 Langston Blvd. (formerly Lee Highway), for more than 60 years.

It is at the intersection of Langston Boulevard and Spout Run Parkway.

“In the normal course of evaluating our business and local trade areas, we determined that we can adequately serve this community through several other nearby Giant Food locations, as well as our online services, Giant Pickup and delivery,” Giant said in an emailed statement.

The nearest Giant Food store is on Washington Boulevard in Virginia Square, about a mile away.

Lyon Village Shopping Center’s other tenants include CVS Pharmacy, burger restaurant BGR, Starbucks, The Italian Store, and Big Wheel Bikes.

Giant said all employees at the Lyon Village store are being offered transfers to other Giant locations.

A spokesperson for the grocery store made the following statement:

“In our ongoing assessment of business dynamics and local trade areas, we’ve concluded that the needs of this community can be adequately met by several nearby Giant Food locations, as well as our online services, Giant Pickup, and delivery.

We want to express our sincere gratitude to the Arlington community for their support over the 60 years that Giant Food has been a part of this neighborhood, and we look forward to welcoming our shoppers at our other local Giant Food locations.

We appreciate the work our store associates have done to serve this community, and all associates from the store are being offered the opportunity to transfer to other Giant locations.

[Furthermore] We are committed to supporting our employees through this transition and ensuring that they have continued opportunities within our company.”

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

Also Read: This Massive Restaurant Is Now Closing 41 Locations

Market News Published Daily 📰

Market News Today - A Popular Gaming Company Is Now Cutting 670 Jobs.
Market News Today – A Popular Gaming Company Is Now Cutting 670 Jobs.

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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.



Popular Restaurant Makes An Unexpected Closure After 25 Years

Another popular restaurant makes an unexpected closure after 25 years of serving its customers in California.

Applebee’s announced plans to close several of its restaurants – with its latest closure being in Antioch, a city inland of Berkeley, California, reports The-Sun.

Applebee’s President, Tony Moralejo, warned late last year that the chain planned to close up to 35 locations, leaving the brand with only 1,500 storefronts in the US at the end of 2023.

The Antioch location at 2737 Hillcrest Avenue had its last day in operation on Sunday, February 25.

“As part of a broader business strategy, we have made the decision to permanently close our Applebee’s of Antioch location effective end of service on Sunday, February 25,” a statement from Applebee’s read.

“We have greatly appreciated the opportunity to serve the community over the years.”

“We appreciate the hard work, loyalty and dedication of each and every one of our staff and wish them the best in their future endeavors.”

The restaurant’s employees will be given the opportunity to relocate to other locations in the area, and its customers have been redirected to visit their nearest Applebee’s.

It is the eighth straight year the fast food chain has announced location closures, having shut down around 300 stores since 2017.

“Keep in mind this is a function of opening up many, many restaurants 20 years ago,” Moralejo said in an earnings call last fall.

“Think about how certain malls no longer have the traffic they did before COVID,” Applebee’s CEO John Peyton said to Restaurant Business Online.

Peyton had previously said the brand’s store closures were strategic, rather than being the result of waning customer interest in the brand.

The company is working with franchise owners at closing locations to open new restaurants in more high-yielding commercial areas.

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Also Read: A New Wave of Unexpected Layoffs Now Hits Wisconsin

Other Economy News Today

Market News Today - Popular Restaurant Makes An Unexpected Closure After 25 Years.
Market News Today – Popular Restaurant Makes An Unexpected Closure After 25 Years.

A massive restaurant now closes after 30 years, with dozens more shutting down soon according to the chain’s owner.

An Outback Steakhouse restaurant has closed after 30 years of business.

The closure comes as David Deno, who owns the chain’s parent company, warned that dozens of restaurants will be shutting up shop, per The-Sun.

The Outback Steakhouse eatery had been a staple in Harrisburg, Pennsylvania, for three decades, but it has closed its doors for good, according to Penn Live.

A note has been put on the restaurant’s window warning fans about the closure.

It listed other Outback eateries in the area that fans of the restaurant can head to.

Bloomin’ Brands owns popular chains Bonefish Grill and Carrabba’s Italian Grill.

Deno announced that 41 underperforming restaurants across the company are set to close.

Chiefs revealed the eateries set for the cut are predominately older and underperforming, per a company earnings call.

“A majority of these restaurants were older assets with leases from the 90s and early 2000s,” Deno said.

He stressed that the restaurants are not closing because of staffers’ performances.

The company says they expect to finalize the closures by the end of the first quarter.

However, they also mentioned they hope to open between 40 and 45 new restaurants this year.

Earlier this month, it was reported that Outback Steakhouse had closed its last remaining restaurants across Hawaii.

Outback Steakhouse had been a staple in the state for more than two decades.

The dramatic restaurant closures were described as unexpected by industry experts and workers claimed they were given short notice.

A worker at the chain’s Waipio branch claimed staffers were given just a few days’ notice.

An Outback Steakhouse location in State College, Pennsylvania, has also closed, per the NBC affiliate WJAC-TV.

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Also Read: This Massive Restaurant Is Now Closing 41 Locations

Market News Published Daily 📰

Market News Today - Popular Restaurant Makes An Unexpected Closure After 25 Years.
Market News Today – Popular Restaurant Makes An Unexpected Closure After 25 Years.

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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!

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 Popular Burger Chain Now Closes After Unexpected Bankruptcy

A popular burger chain now closes after an unexpected bankruptcy, unfortunately leading the company to shutter all of its locations.

Burbs Burgers, a popular outlet in Seattle closed all five of its locations last month, reports The-Sun.

These closures have left the Huxley Wallace Collective restaurant group without an open restaurant for the first time since 2007.

Owner Josh Henderson made a desperate plea on Instagram on February 17 in which he hoped to find someone willing to invest in the now-defunct chain that he established in 2020.

He previously admitted that the chain was “started with anchors around its legs,” due to the pandemic, according to the Seattle Times.

“As some of you may know, Burbs is currently in Chapter 11 protection and the goal of that for me was to develop a plan…to keep the business open to fight to live another day, keep operating all those things,” Henderson said in the clip.

However, after two to three months of undergoing this process, Henderson confirmed that he has been unable “to secure any additional funding or capital for the business.”

“I’m out of options…What this means is that Burbs is going to be closing in the next three to five days.”

The locations in Montlake, Pioneer Square, Ballard, Georgetown, and Bellevue were all shuttered.

“The reason I’m posting this video is to find any kind of option, look under every rock, just try to find any solution that I can to keep the business open,” Henderson added.

Henderson says the best bet is to pivot and transform its model into a scalable and mobile food truck business.

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

Also Read: A New Wave of Unexpected Layoffs Now Hits Wisconsin

Other Economy News Today

Market News Today - A Popular Burger Chain Now Closes After Unexpected Bankruptcy.
Market News Today – A Popular Burger Chain Now Closes After Unexpected Bankruptcy.

This massive grocery store is now shutting its doors soon at a historic location which has operated for over 60 years.

The Giant Food store on Langston Boulevard in Arlington, Virginia will permanently close on Thursday, February 29.

Giant Food has anchored the Lyon Village Shopping Center, at 3115 Langston Blvd. (formerly Lee Highway), for more than 60 years.

It is at the intersection of Langston Boulevard and Spout Run Parkway.

“In the normal course of evaluating our business and local trade areas, we determined that we can adequately serve this community through several other nearby Giant Food locations, as well as our online services, Giant Pickup and delivery,” Giant said in an emailed statement.

The nearest Giant Food store is on Washington Boulevard in Virginia Square, about a mile away.

Lyon Village Shopping Center’s other tenants include CVS Pharmacy, burger restaurant BGR, Starbucks, The Italian Store, and Big Wheel Bikes.

Giant said all employees at the Lyon Village store are being offered transfers to other Giant locations.

A spokesperson for the grocery store made the following statement:

“In our ongoing assessment of business dynamics and local trade areas, we’ve concluded that the needs of this community can be adequately met by several nearby Giant Food locations, as well as our online services, Giant Pickup, and delivery.

We want to express our sincere gratitude to the Arlington community for their support over the 60 years that Giant Food has been a part of this neighborhood, and we look forward to welcoming our shoppers at our other local Giant Food locations.

We appreciate the work our store associates have done to serve this community, and all associates from the store are being offered the opportunity to transfer to other Giant locations.

[Furthermore] We are committed to supporting our employees through this transition and ensuring that they have continued opportunities within our company.”

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

Also Read: This Massive Restaurant Is Now Closing 41 Locations

Market News Published Daily 📰

Market News Today - A Popular Burger Chain Now Closes After Unexpected Bankruptcy.
Market News Today – A Popular Burger Chain Now Closes After Unexpected Bankruptcy.

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 Beloved Tech Retailer Now Warns of New Layoffs

A beloved tech retailer now warns of new layoffs even as the company navigated through a period of consumer electronics demand.

Best Buy warned of another year of softer sales and said it would lay off workers and cut other costs across the business.

CEO Corie Barry offered few specifics, but said the company has to make sure its workforce and stores match customers’ changing shopping habits.

Cuts will free up capital to invest back into the business and in newer areas, such as artificial intelligence, she added.

“This is giving us some of that space to be able to reinvest into our future and make sure we feel like we are really well positioned for the industry to start to rebound,” she said on a call with reporters.

Even though the company has gotten by, Best Buy has dealt with slower demand in part due to the strength of its sales during the pandemic, reports CNBC.

Like home improvement companies, Best Buy saw outsized spending as shoppers were stuck at home.

Plus, many items that the retailer sells like laptops, refrigerators and home theater systems tend to be pricier and less frequent purchases.

The retailer has cited other challenges, too: Shoppers have been choosier about making big purchases while dealing with inflation-driven higher prices of food and more.

They’ve also returned to splitting their dollars between services and goods after pandemic years of little activity.

Even so, Best Buy put up a holiday quarter that was better than feared.

In the three-month period that ended February 3, the company’s net income fell by 7% to $460 million, or $2.12 per share, from $495 million, or $2.23 per share in the year-ago period.

Revenue dropped from $14.74 billion a year earlier.

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Also Read: Supermarket With 200 Stores Is Now Closing For Good

Other Economy News Today

Market News Today - A Beloved Tech Retailer Now Warns of New Layoffs.
Market News Today – A Beloved Tech Retailer Now Warns of New Layoffs.

A restaurant in California now announces an unexpected closure after 25 years of businesses, sources report.

The Chevys Fresh Mex establishment in Emeryville – around 10 miles from San Francisco – will close down shop on Monday April 22, reports The-Sun.

The chain was renowned for its famous oven ‘El Machino‘, which could produce tortillas every 53 seconds.

Unfortunately, more than 60 workers are scheduled to lose their jobs once the restaurant closes.

News of the pending shutdown has left diners in mourning, says The-Sun.

“It was a good location. Went there many times with the guys, dates, birthdays,” one customer said.

“It’s a beautiful spot, maybe a classy joint will move in,” another posted online.

“What is going on?!! Seriously, what are we going to be left with?” a third fan lamented.

Fans said they flocked to the restaurant to enjoy the view of the waterfront.

“If you’re ever in the Emeryville, California, area and want a million dollar view from your patio table at an affordable restaurant, Chevys Fresh Mex restaurant is the place to go!” a diner said.

“After 25 dedicated years in the Bay Area community, Chevys will be closing its Emeryville location in April,” Mike Johnson, the COO at Xperience Restaurant Group – the parent company of Chevys – told The U.S. Sun.

“Unfortunately, we were unable to reach a lease renewal agreement, leading to this difficult decision.

The restaurant’s last day of business will be April 22, 2024.

We are thankful for our loyal diners and, especially to our committed team members, who have tirelessly contributed to serving our Bay Area community with the fresh cuisine for which we are known.”

“Chevys will continue to operate throughout eight additional Northern California locations and beyond, including Union City, Vallejo, and South San Francisco.”

Chevys was founded in Alameda in 1986 but the chain has restaurants across the US.

It also has a presence in Florida, South Dakota, Minnesota, Missouri, Virginia, and New Jersey.

Also Read: This Massive Mall Retailer Is Now Closing In California

Market News Published Daily 📰

Market News Today - A Beloved Tech Retailer Now Warns of New Layoffs.
Market News Today – A Beloved Tech Retailer Now Warns of New 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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