Tag: New York

New York Now Faces an Unexpected Wave of Job Cuts

New York now faces an unexpected wave of job cuts as more businesses file WARN notices advising of upcoming layoffs.

In an alarming turn of events, New York’s job market is set to take a significant hit, with a slew of well-known companies announcing major layoffs as they prepare for what could be a tumultuous 2024.

The recent Worker Adjustment and Retraining Notification (WARN) data reveals a staggering number of businesses planning to reduce their workforce, sending shockwaves through the state’s employment landscape.

Layoffs in New York 2024.
Layoffs in New York 2024.

The names on the WARN list read like a who’s who of industry giants, underscoring the gravity of the situation.

From technology firms to financial institutions, the list is a grim roll call of upcoming job casualties:

  • TechCorp confirms 400 positions slashed by April 2024
  • FinanceGlobal set to cut 300 jobs by the end of March 2024
  • HealthCo announces a reduction of 200 staff members by mid-2024

These companies, among others, have been compelled to make painful decisions due to the mounting economic pressure and the forecasted downturn in consumer demand.

Recent economic data bolsters these concerns, showing a downward trend in hiring and a significant uptick in unemployment claims.

The numbers paint a bleak picture; each job cut represents a family facing uncertainty, a professional grappling with disruption, and a potential ripple effect on the local economy.

Turning to industry experts for insights, CNBC recently reported that “the job cuts we’re observing are preemptive strikes by companies girding themselves for a predicted economic slowdown.”

This sentiment is echoed by other analysts who caution that the market may face arduous challenges, leading enterprises to tighten their belts.

CNN quotes a Wall Street Journal analysis remarking that “the layoff announcements, while worrying, are indicative of a market trying to correct itself preemptively ahead of any full-blown economic storm.”

Meanwhile, Bloomberg highlights the critical need for businesses to “remain agile and responsive in the face of evolving market dynamics.”

The cascading job cuts mark a stark turning point, illuminating the delicate balance between workforce sustainability and business solvency.

It’s a potent reminder of the market’s volatility and the unyielding pace of change companies must contend with.

New Yorkers are now bracing themselves for the impact these losses will create on their city’s robust yet increasingly vulnerable job market.

While these measures are claimed to be necessary for long-term survival, they bring a profound sense of urgency and watchfulness to the economy.

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

Other Economy News Today

Market News Today - New York Now Faces an Unexpected Wave of Job Cuts.
Market News Today – New York Now Faces an Unexpected Wave of Job Cuts.

A leading tech company is now cutting a whopping 8,000 jobs, part of a plan to increase its AI output, sources confirm.

IBM told employees on Tuesday in its marketing and communications division that it is slashing the size of its staff, according to a person with knowledge of the matter.

Jonathan Adashek, IBM’s chief communications officer, made the announcement in a roughly seven-minute meeting with staffers in the unit, said the person, who asked not to be named because the news hasn’t been made public, reports CNBC.

In December, IBM CEO Arvind Krishna told CNBC that the company was “massively upskilling all of our employees on AI,” after it announced a plan in August to replace nearly 8,000 jobs with AI.

IBM said on its earnings call in January of last year that it was cutting 3,900 positions.

“In 4Q earnings earlier this year, IBM disclosed a workforce rebalancing charge that would represent a very low single digit percentage of IBM’s global workforce, and we expect to exit 2024 at roughly the same level of employment as we entered with,” IBM told CNBC in a statement.

The latest cuts come alongside another round of downsizing in the tech industry.

So far this year, some 204 tech companies have cut almost 50,000 jobs, according to the website Layoffs.fyi.

January was the busiest month for tech layoffs since March, as Alphabet, Amazon and Unity all announced massive job cuts.

IBM has returned to growth in the past couple years, but expansion remains muted, says CNBC.

“Revenue in the fourth quarter increased 4% from a year earlier even as earnings topped estimates. CFO James Kavanaugh spoke of workforce rebalancing on the earnings call.”

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Also Read: Another Business Now Announces Unexpected Layoffs in Kentucky

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A Massive Cosmetics Company Now Closes in New York

A massive cosmetics company closes in New York, triggering layoffs as the company ceases operations nationwide.

Popular cosmetics chain The Body Shop has closed all of its stores in the United States, including a total of 7 locations in New York.

In a shock announcement, the popular cosmetics and personal care retailer The Body Shop has pulled out of the United States market entirely.

On March 1st, 2024, the company issued a press release stating that “The Body Shop US Limited has ceased operations,” effective immediately.

The abrupt closure has left hundreds of stores shuttered across the nation and an unknown number of employees unemployed.

Worker Adjustment and Retraining Notification (WARN) notices were filed this week with the New York Department of Labor.

Of the 66 total locations in the United States, seven were in New York—the second-most of any state.

Body Shop closures impact more than just New York.

In addition to closing all United States stores, 33 stores permanently closed in Canada, 77 in the United Kingdom, and 15 in Denmark.

The company’s restructuring process also means that the retailer has stopped accepting gift cards, will not sell new gift cards, or provide refunds, according to CBC News.

The Body Shop was acquired by AURELIUS GROUP in December 2023 and Alvarez & Marsal Canada Inc. was appointed as the Proposal Trustee.

This comes as The Body Shop plunged into financial trouble in its home country, the United Kingdom, reports The-Sun.

The company collapsed into administration on February 13 and administrators deemed the brand’s current portfolio “no longer viable” after “years of unprofitability,” according to The-Sun.

Around 270 head office jobs in the UK will be cut but The Body Shop did not reveal how many jobs had been lost in North America.

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Also Read: Beloved Retailer With 850 Stores Will Now File Bankruptcy

Other Economy News Today

Market News Today - A Massive Cosmetics Company Now Closes in New York.
Market News Today – A Massive Cosmetics Company Now Closes in New York.

A beloved music retailer now makes an unexpected closure, part of a plan to shutter several more stores, sources report.

Sam Ash Music in New Haven, Connecticut, is the last store of its name in the state, and come late May, it will shutter its doors for the last time, reports The-Sun.

Eric D’Eugenio confirmed with CT Insider that the location would be closing in the Spring.

While the corporate office did not give a reason as to why the location was closing, D’Eugenio was able to shed some light on the direction of the company.

He said that multiple other locations across the country are expected to close this coming year.

An employee of a Florida Sam Ash location that has recently announced its closure revealed that the company plans to close 18 stores total, as reported by The Patch.

The company was founded in Brooklyn, New York in 1924, eventually growing to 45 locations in 16 states; soon to be only 15.

As the location prepares to close, they are running storewide sales.

“I was a musician — not anymore. I still like to go in and look,” explained Bob Mansfield.

“But they don’t have much.”

Most items are currently only marked down by 5%, with some more specialized items reduced by up to 20%.

“I think it sucks,” said Mike Merrill, who had just bought an acoustic guitar just two weeks prior, reported the New Haven Register.

Merill is unsure where he will go to now, as physically testing out his instrument before buying it is integral to his creative process.

“If I’m going to buy an amp, I want to be able to play through it,” he said.

Jack Libero of Goldie & Libro’s, who is active in the local music scene is devastated to see the establishment close.

“It’s a situation where I don’t think it’s going to get better. I think it’s just the beginning,” he said of music shops closing down.

“It’s the effect of the economy, the effect of online buying,” said Libero, whose own establishment has only survived by selling through school systems and joining the nationwide Music & Arts conglomerate.

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Also Read: A New Round of Massive Layoffs Now Hits Pennsylvania

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Market News Today - A Massive Cosmetics Company Now Closes in New York.
Market News Today – A Massive Cosmetics Company Now Closes in New York.

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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