Tag: JPMorgan (Page 1 of 193)

A Massive Chain Now Makes Unexpected Closures In Two States

A massive chain now makes unexpected closures in two states while offering severance pay and job assistance to those affected.

PDQ will close its shops at eight outlets across North Carolina and South Carolina, reports The-Sun.

The chain, famed for its ‘finger-licking chicken’, will board up its windows at outlets in Lake Forest, Cary, Durham, and Raleigh, a company spokesperson confirmed.

However, PDQ’s stand inside PNC Arena in Raleigh will remain open.

Other affected locations include Hickory and Winston-Salem in North Carolina and Greenville and Columbia in South Carolina.

The chain’s site inside Charlotte Douglas International Airport will also keep its doors open, along with a restaurant in Concord and the brand’s flagship location in Cornelius.

PDQ has said it would offer severance pay and job assistance to all employees affected by the closures.

“This difficult decision comes after careful consideration and evaluation of market conditions,” the spokesperson said.

“PDQ’s executive team has visited with all of the restaurant teams over the last week and is offering severance to everyone affected, as well as providing assistance to help them find new jobs.”

Bob Basham and Nick Reader launched PDQ – or People Dedicated to Quality – in 2011 in Florida.

PDQ is headquartered in Tampa and has around 60 locations, predominantly in Florida.

PDQ isn’t the only major chain that is closing store doors.

Denny’s announced it has closed another restaurant only months after an initial closure in the same state at the end of 2023.

It was confirmed on Monday that the famed diner-style chain closed its location in Chubbuck, Idaho, near the southeastern portion of the state, over the weekend.

Several customers criticized the closure, with some even blaming inflation.

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Also Read: A Famous Restaurant Chain Now Closes 4 Locations in Florida

Other Economy News Today

Market News Today - A Massive Chain Now Makes Unexpected Closures In Two States.
Market News Today – A Massive Chain Now Makes Unexpected Closures In Two States.

This bankrupt clothing retailer is now having a massive sale of up to 90% off as it sets to close a major location.

Soft Surroundings, a women’s clothing retailer, is officially closing one of its stores in Kansas City, Kansas, reports The-Sun.

Located in the Country Club Plaza, the store has been in operation for 12 years.

An employee confirmed on Monday that the store’s last day of operation will be Sunday, February 25.

Shoppers will be able to score a whopping 70% to 90% off on inventory at the store through Sunday.

The clothing chain had over 40 stores across the US before it filed for bankruptcy last year.

All Soft Surroundings stores have either closed down or are in the process of getting shut down.

The company will still conduct direct-to-consumer business online via its website, which the apparel company Coldwater Creek acquired as part of the bankruptcy process.

Another popular fashion and clothing retailer, Rent the Runway, is also on the verge of filing for bankruptcy.

The clothing rental service has struggled with a variety of business operations, such as meeting customer demand and maintaining its active subscriber count, according to PYMNTS.

A report from CreditRiskMonitor revealed that the e-commerce platform has a 9.99% to 50% chance of filing for bankruptcy this year.

In an effort to revitalize the company, Rent the Runway executives formulated a restructuring plan that involves cutting 10% of its corporate roles, or 37 employees.

“With already strong unit economics and high margins, this new structure is designed to set the stage for the business to achieve free cash flow breakeven in fiscal 2024,” said the company.

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Also Read: A Cosmetics Company Now Makes Painful Store Closures

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Market News Today - A Massive Chain Now Makes Unexpected Closures In Two States.
Market News Today – A Massive Chain Now Makes Unexpected Closures In Two States.

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This Massive Restaurant Is Now Closing 41 Locations

This massive restaurant is now closing 41 locations over the next quarter due to major underperformance, sources report.

Bloomin’ Brands will close 41 stores over the next quarter, reports Restaurant Dive.

These units include 36 “predominantly older, underperforming restaurants” and five Aussie Grill locations, including three in the U.S. and two in international markets, according to the company’s latest earnings release.

Bloomin’ decided to close the restaurants in question following a periodic review of assets that included consideration of trade area, historical performance and the investment required to renovate the units and strengthen their sales, CEO David Deno said on the company’s Q4 2023 earnings call.

The company will see “asset impairments and net closure charges of $32.3 million during Q4 2023.

We expect to complete these closures during Q1 2024 and incur charges of between $8 million and $11 million,” according Bloomin’s earnings release.

Deno said Bloomin’ would offer transfer opportunities to a large number of impacted employees and severance payments to those it cannot place.

The closures were not a reflection of the performance of individual employees, Deno said.

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

Aussie Grill, the smallest of Bloomin’s brands, will be hardest hit by the closures.

According to the chain’s Q3 earnings release, the fast casual brand had 14 units at the start of Q4, with seven in the U.S. and seven in international markets.

The chain’s five closures represent a more than 35% drop in unit count for the brand.

Bloomin’ expects to open 40 to 45 new restaurants in 2024, in areas Deno described as “promising trade areas with great potential.”

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Also Read: A Famous Restaurant Chain Now Closes 4 Locations in Florida

Other Economy News Today

Market News Today - This Massive Restaurant Is Now Closing 41 Locations.
Market News Today – This Massive Restaurant Is Now Closing 41 Locations.

A massive restaurant now closes all locations in one major state, shocking employees after such short notices were provided.

Outback Steakhouse has unexpectedly announced it would close all of its locations in Hawaii “leaving workers shocked by the news”, reports The-Sun.

Employees claimed they were given just two days’ notice before the chain closed its last three locations in Hawaii.

The Australian-themed casual dining restaurant closed down its restaurants in Kapolei, Waipahu, and Kailua-Kona on February 18, according to local ABC affiliate KITV.

This news was confirmed by the executive director of the Hawaii Restaurant Association, Sheryl Matsuoka, who said the news was unexpected, according to Fox affiliate KHON-TV.

“The Outback brand has decided to pull out of Hawaii and it’s very unfortunate that the three locations will close up,” Matsuoka said.

Staff at claimed management informed them about the Sunday closure on Saturday morning.

Vanessa Glosson, an employee at the Kailua-Kona location said she wished she had been told earlier.

“It was kind of sad that it was such short notice due that a lot of people could have been looking for jobs elsewhere at the time,” Glosson said.

Wanda Wernar, a member of staff at the Waipio branch, explained how they were informed.

“Basically we found out this morning we were closing in two days,” Wernar said on February 17.

“Tomorrow is the last day of business, we’re opening tonight for dinner, we’re opening tomorrow and that’s it that’s the last day.”

A manager at one of the final three stores alleged the reason for the closure was the rising cost of prices and utilities on the island.

Matsuoka explained that these economic conditions had proved to be difficult for many restaurants.

“Restaurants, they try their best to stay in business but the margins are so small,” she said.

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

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Market News Today - This Massive Restaurant Is Now Closing 41 Locations.
Market News Today – This Massive Restaurant Is Now Closing 41 Locations.

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Another Wave of Unexpected Layoffs Now Hits Washington

Another wave of unexpected layoffs now hits Washington as more businesses file WARN notices advising of upcoming job cuts.

It’s important to note that under the Worker Adjustment and Retraining Notification Act, an employer with more than 100 full-time workers must provide a 60-day notice before laying off 50 or more people at a single site.

These must be filed with the Washington Employment Security Department and four notices have recently been lodged.

As February comes to an end very soon, the list below shows upcoming layoffs in Washington between March and April:

  • Lost Boys Interactive, LLC. 7 job cuts by 3/15.
  • WestRock. 87 job cuts by 3/18.
  • Northwest Motorsport, LLC. 142 job cuts by 3/24.
  • Block. 43 job cuts by 3/30.
  • Thermoforming Systems, LLC. 66 job cuts by 3/31.
  • Penske Logistics. 125 job cuts by 3/31.
  • Sonoco Products Co. 34 job cuts by 3/01.
  • RaterLabs. 3,657 job cuts by 4/06.
  • Skagit Horticulture, LLC. 169 job cuts by 4/07.
  • Appen AI, Inc. 2 job cuts by 4/08.
  • Roy Farms, SPC. 29 job cuts by 4/15.

So far for 2024, there has been 5,021 layoffs in Washington across 16 businesses according to the latest WARN data.

Layoffs in Washington 2024.
Layoffs in Washington 2024.

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Also Read: California Now Has Massive Departures As Hundreds of Thousands Leave

Other Economy News Today

Market News Today - Another Wave of Unexpected Layoffs Now Hits Washington.
Market News Today – Another Wave of Unexpected Layoffs Now Hits Washington.

A famous restaurant chain now closes 4 locations in Florida in an abrupt fashion, with confirmations being made on social media.

Tijuana Flats shuttered several Jacksonville, Florida, locations, with some customers being notified by a sign left on the front door, reports The-Sun.

The national fast-casual restaurant is known for its made-to-order Tex-Mex classics like burritos, tacos, nachos, and a hot sauce bar.

These closed locations were in Lakewood, Mandarin, Bartram Park, and Ortega Village, according to the site Jacksonville.com.

The chain, known for its tag line “Tex-Mex for all,” had been long established in the Jacksonville area as the now-closed restaurants had been in place for years.

Its Lakewood location announced the news with a homemade sign that was taped to the front door on Sunday, February 18.

“This location is closed,” the note said.

“Please visit our Riverside location at 2025 Riverside Ave. or our Baymeadows location at 9942 Old Baymeadows Rd.”

All four of these locations have now been removed from the restaurant’s website and are listed as “permanently closed” on Facebook.

Tijuana Flats has more than 110 restaurants across the South but most of its locations are in Florida, according to the monitor site, ScrapeHero.

The chain still has seven remaining restaurants in the Jacksonville area, according to its website.

Despite these closures, Tijuana Flats is set to open a new location in Palm Coast, around 60 miles south of Jacksonville, on February 26, according to the Observer Local News.

The chain’s vice president of marketing, Curtis Cattanach, said the company was looking to stay prominent in this part of Florida.

“Tijuana Flats has been diligent in its efforts to increase the number of locations on the east coast, and this is a strong example of that,” Cattanach said.

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Also Read: Another Popular Restaurant Now Declares An Unexpected Bankruptcy

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Market News Today - Another Wave of Unexpected Layoffs Now Hits Washington.
Market News Today – Another Wave of Unexpected Layoffs Now Hits Washington.

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A Beloved Brewery Now Goes Through An Unexpected Liquidation

A beloved brewery now goes through an unexpected liquidation process after its assets were sold in a mid-February auction.

Flying Fish Brewing, a Pennsylvania brewery that operates in southern New Jersey, filed for Chapter 11 bankruptcy protection in late January in U.S. Bankruptcy Court for the District of New Jersey after a sale to Cape May Brewing Co. collapsed, reports TheStreet.

At the time creditors called for the brand to be liquidated, and now that plan has become a reality.

“But the Flying Fish name is likely to live on as Guildford Hall Brewery out of Baltimore MD bought the intellectual property of the brewery, which includes the name brands of the beers, trademarks, packaging, websites, and some contracts.

Their purchase price at $152,500 was the largest of the items sold,” 42Freeway reported.

The previous owners posted a farewell message on its Facebook page.

“Well, at least we went out with a bang last weekend.

Thank you to everyone that came out. We appreciate all of our customers over the years.

We’re sad that we cannot continue operations as they were in our Somerdale location, but it’s nice to know the brand itself will live on,” the former Flying Fish owners said.

The company’s taproom will not reopen.

In a final Facebook post the previous owners joked about what might happen, saying the brewery building might become a Spirit Halloween store.

“Who knows what will come of the building once its contents have been moved to their new homes?

Signing off of this account now as it’s probably part of the IP that now belongs to the new owners,” the former owners added.

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Also Read: A Famous Restaurant Chain Now Closes 4 Locations in Florida

Other Economy News Today

Market News Today - A Beloved Brewery Now Goes Through An Unexpected Liquidation.
Market News Today – A Beloved Brewery Now Goes Through An Unexpected Liquidation.

A massive mall clothing retailer now faces Chapter 11 bankruptcy as it struggles to keep its cash reserves above water.

Children’s Place, to its credit, has been working to get itself out of leases at dying malls, reports TheStreet.

“The chain has closed 250 locations over the past year driving more of its business to its website and its digital storefront on Amazon.

That’s probably the right strategy, but the retailer may run out of cash before it can fully correct its business,” the outlet reports.

Total liquidity as of Feb. 3, 2024 is expected to be approximately $45 million (including approximately $13 million of cash and cash equivalents and approximately $32 million of excess availability under the company’s credit facility after excluding all necessary reserves and excess availability requirements),” the company shared in advance of fourth quarters earnings release.

And, while the company has very little cash, it did share some good news when it comes to its overall debt load.

“As previously anticipated, total indebtedness is expected to decrease by more than $100 million versus the third quarter of fiscal 2023 and, as of February 3, 2024, is expected to be approximately $277 million as compared to $408 million as of the end of the third quarter of fiscal 2023,” Children’s Place added.

However, the company knows that it is in a dire position based on its available cash.

“The company has been working to improve its liquidity position and strengthen its balance sheet to best position the company for the future.

The company is working with its advisors (including Centerview Partners), lenders, and potential lenders to obtain new financing necessary to support ongoing operations, and is considering strategic alternatives in the event that the company is unable to consummate new financing,” it shared.

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Also Read: A Popular Essential Retailer Is Now Closing 72 Locations

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Market News Today - A Beloved Brewery Now Goes Through An Unexpected Liquidation.
Market News Today – A Beloved Brewery Now Goes Through An Unexpected Liquidation.

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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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