Tag: South Carolina

Businesses Now Announce Unexpected Layoffs in South Carolina

Businesses now announce unexpected layoffs in South Carolina according to the latest WARN data advising of job cuts.

South Carolina, known for its vibrant industry and employment opportunities, is confronting a challenging phase as several businesses have filed WARN notices, signaling a series of layoffs poised to impact the state’s workforce in 2024.

The recent WARN (Worker Adjustment and Retraining Notification) data from the South Carolina Department of Employment and Workforce brings to light the changing economic landscape and its consequences for local workers.

According to the latest figures released, a significant number of companies across various industries have notified authorities of impending layoffs.

This article reflects the most up-to-date information obtained from official WARN Notices and reporting from local news outlets:

  • Techtronics Industries North America has announced that its Anderson facility will experience a reduction, affecting approximately 300 employees as of March 15, 2024. The company, a leading player in the power tools market, cited technological innovations and shifts in consumer demands as primary reasons for the resizing.
  • In Charleston, the retail giant Belk has reported a layoff plan for the upcoming year. Roughly 120 employees are expected to be impacted starting May 1, 2024, amidst the competitive and evolving retail environment.
  • The Greenville-based automotive supplier, Drive Automotive, is also among the businesses set to downsize. Slated for June 10, 2024, the layoffs will dismiss nearly 200 workers, attributed mainly to reduced orders from their primary clients in the automotive industry.
  • On the pharmaceutical front, LabCorp has declared layoff dates affecting its R&D branch in Columbia, with 80 employees to be laid off on July 20, 2024. The reduction is a result of a strategic realignment in response to the shifting healthcare landscape.

The disclosed layoffs illustrate a troubling trend for the state’s economy and raise concerns about the future of South Carolina’s job market.

State officials and employment experts are monitoring the situation closely, considering measures to assist those affected.

“The decision to part ways with our valued employees is never easy,” stated a spokesperson from Techtronics Industries during a press briefing.

“We are working closely with the state to ensure that they have access to retraining programs and job placement services.”

South Carolina Layoffs 2024.
South Carolina Layoffs 2024.

The South Carolina Department of Employment and Workforce has affirmed its commitment to supporting workers facing layoffs.

“We have a robust response system for such events and are prepared to assist those impacted through our Rapid Response program,” the department expressed in a statement.

This wave of layoffs signals a time of economic adjustment for South Carolina.

With both the state and local communities bracing for the impact, efforts are being directed towards minimizing the fallout and aiding those who will bear the brunt of job losses.

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

Other Economy News Today

Market News Today - Businesses Now Announce Unexpected Layoffs in South Carolina.
Market News Today – Businesses Now Announce Unexpected Layoffs in South Carolina.

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 Mall Retailer Is Now Closing in California

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Market News Today - Businesses Now Announce Unexpected Layoffs in South Carolina.
Market News Today – Businesses Now Announce Unexpected Layoffs in South Carolina.

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Another Facility in South Carolina Now Announces An Unexpected Closure

Another facility in South Carolina now announces an unexpected closure, resulting in the loss of nearly 200 jobs.

Stanley Black and Decker has filed a WARN notice advising of the upcoming layoffs in South Carolina.

The facility will close at the end of the year, resulting in a whopping 192 employees losing their jobs.

Just last year, the company closed a facility in Chesterfield leading to 179 job losses.

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.

Yesterday, Stanley Black & Decker filed a notice with the South Carolina Department of Employment and Workforce advising of impending job cuts due to a permanent closure of a facility in Fort Mill.

Last week, Gentherm, which supplies heated seats for the automotive facility, announced it was moving the manufacturing production undertaken at the South Carolina facility to Mexico.

The filing stated the closure would result in 124 staff at the facility losing their jobs from May 3.

Below is a list of other businesses that have filed WARN notices advising of upcoming layoffs in South Carolina:

  • Ascend Performance Materials. 52 job cuts by 3/31.
  • Fruit of the Loom. 119 job cuts by 3/22.
  • MAHLE Behr. 466 job cuts by 12/31.
  • Kohler Co. 71 job cuts by 4/19.

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

Other Economy News Today

Market News Today - Another Facility in South Carolina Now Announces An Unexpected Closure.
Market News Today – Another Facility in South Carolina Now Announces An Unexpected Closure.

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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Market News Today - Another Facility in South Carolina Now Announces An Unexpected Closure.
Market News Today – Another Facility in South Carolina Now Announces An Unexpected Closure.

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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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Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?

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