Tag: Stock Market News (Page 1 of 545)

A Beloved Grocery Chain Is Now Making Unexpected Closures

A beloved grocery chain is now making unexpected closures, part of its ongoing effort to improve the struggling retailer’s performance.

Ahold Delhaize is planning to shutter an unspecified number of stores under its Stop & Shop banner as part of its ongoing effort to improve the struggling supermarket chain’s performance, the Dutch retailer’s top U.S. executive in the United States said during an investor presentation on Thursday.

Stop & Shop will also take steps to strengthen its position with shoppers in the East Coast markets where it operates, including by investing in price reductions and store remodeling projects, Ahold Delhaize USA CEO JJ Fleeman said.

“The value proposition and pricing at Stop & Shop are simply not strong enough,” Fleeman said during Ahold Delhaize’s Strategy Day.

Stop & Shop has remodeled about half of its nearly 400 stores since it kicked off a revitalization campaign in 2018, according to Fleeman.

The company’s remodeling efforts slowed during the COVID-19 pandemic, contributing to a loss in market share.

Stop & Shop has seen notable performance gains among stores it has renovated, and those stores are outperforming locations that have not been remodeled, according to Fleeman.

In addition, the chain has built digital engagement so robustly that it has the highest e-commerce penetration among Ahold Delhaize’s five U.S. banners, he said.

But Fleeman said that even with those improvements, Stop & Shop is “not where we want to be or need to be” and has to change direction.

The chain “will focus on the markets that are most important, including those where the brand has strong density, holds a strong market position or has stores that are performing well,” Fleeman said.

“Stop & Shop has already evaluated its overall portfolio and will make difficult decisions to close underperforming stores to create a healthy store base for the long term,” he added.

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 - A Beloved Grocery Chain Is Now Making Unexpected Closures.
Market News Today – A Beloved Grocery Chain Is Now Making Unexpected Closures.

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 - A Beloved Grocery Chain Is Now Making Unexpected Closures.
Market News Today – A Beloved Grocery Chain Is Now Making Unexpected Closures.

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.



Two Unexpected Retailers Are Now Laying Off in Connecticut

Two unexpected retailers are now laying off in Connecticut according to WARN notices filed with the state.

Bob’s Stores and Eastern Mountain Sports are expected to lay off a total of 154 employees at their warehouse facility in Meriden.

The layoffs, which will impact 145 Bob’s Stores workers and 9 Eastern Mountain Sports employees, are planned to take effect by May 31.

In addition, the company spokesperson confirmed that five “underperforming” store locations will be shut down—one Bob’s store in Southington, two in New Jersey, and two Eastern Mountain Sports sites in New York and New Hampshire.

The cuts were disclosed after the retailers’ president, David Barton, notified state labor officials that the company’s lender is refusing to provide funding for payroll and benefits in the future.

In a WARN notice filed with the Connecticut Department of Labor, Barton stated the “financial issues with its lender” prompted the layoffs and closures as the company works to “aggressively reposition the business to ensure the longevity of the company”.

Both companies are owned by Los Angeles-based GoDigital Media Group, which purchased Eastern Mountain and Bob’s Stores in 2022 for $70 million from U.K.-based Frasers Group plc.

At the time of the deal, GoDigital said it added 900 employees, 42 stores and a warehouse and fulfillment center.

“We are actively working to relocate as many employees as possible from these impacted locations to nearby Bob’s and Eastern Mountain Sports stores,” a company spokesperson said.

“These closings have been a challenging yet necessary step to ensure the longevity of the company.

We are grateful for the hard work and dedication of all our employees, and will continue to serve our loyal customers who have known and loved our brands for decades.”

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 - Two Unexpected Retailers Are Now Laying Off in Connecticut.
Market News Today – Two Unexpected Retailers Are Now Laying Off in Connecticut.

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 - Two Unexpected Retailers Are Now Laying Off in Connecticut.
Market News Today – Two Unexpected Retailers Are Now Laying Off in Connecticut.

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 Institution Now Announces Painful Layoffs in Minnesota

An institution now announces painful layoffs in Minnesota, resulting in the job loss of more than 100 workers and closure of an essential service.

A Red Wing nursing home taken under emergency management by the Minnesota Department of Health late last year is now set to close, resulting in around 120 layoffs.

MDH confirmed the impending closure of the Bay View Nursing and Rehabilitation Center on Wednesday, saying it’s the result of “significant financial and structural deficiencies”.

More than a dozen substantiated complaints have been filed with MDH against the facility in the past few years, with MDH assuming control of the facility in December after being granted temporary receivership by Ramsey County District Court.

It was one of ten nursing homes in Minnesota included on a federal list of facilities that required more supervision, with the Star Tribune reporting t was cited for 15 violations of standard in September that included unsanitary food preparation.

The facility struggled with staffing shortages and financial sustainability. At the time MDH took over in December, just 62 of its 121 beds were filled.

Now only 51 remain.

The 120 staff are expected to be laid off on or around July 22, per BMTN.

The facility will not close until all residents have been transferred to a new location, according to a WARN notice from MDH.

“Despite our best efforts, ongoings audits of Bay View’s financial circumstances have revealed a systemic lack of stability that cannot be overcome in order for operations to continue,” said MDH Health Regulation Division Director Maria King.

“Our primary goal is to ensure residents have access to safe and competent care. Unfortunately, the financial condition of Bay View combined with substantial physical plant repair needs have left us with no viable options.”

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 Institution Now Announces Painful Layoffs in Minnesota.
Market News Today – An Institution Now Announces Painful Layoffs in Minnesota.

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 Institution Now Announces Painful Layoffs in Minnesota.
Market News Today – An Institution Now Announces Painful Layoffs in Minnesota.

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 Massive Logistics Company Now Announces Layoffs in Pennsylvania

A massive logistics company now announces layoffs in Pennsylvania according to a WARN notice filed with the state.

Geodis Logistics, LLC has announced plans to lay off a total of 71 employees at its facility located at 1490 Nitterhouse Drive in Chambersburg, Pennsylvania.

The layoffs are set to take effect on September 30, 2024.

The company filed a WARN Notice with the Pennsylvania Department of Labor & Industry in advance of these layoffs.

GEODIS, which operates 13 locations across Pennsylvania including three in Chambersburg, is a global leader in transportation, warehousing, and supply chain solutions.

The company employs a whopping figure of nearly 50,000 people worldwide and operates in a total of 170 countries, with revenues reaching approximately $14.8 billion in 2022.

“We offer best-in-class services that will move your goods through supply chains in an efficient, reliable, and sustainable way.

Our expertise and scale mean we can optimize every part of your domestic and international supply chains.

As an active partner in our clients’ growth, we focus on three core business lines in the US: transport services, freight solutions, and warehousing,” the company states on its website.

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 Massive Logistics Company Now Announces Layoffs in Pennsylvania.
Market News Today – A Massive Logistics Company Now Announces Layoffs in Pennsylvania.

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 Massive Logistics Company Now Announces Layoffs in Pennsylvania.
Market News Today – A Massive Logistics Company Now Announces Layoffs in Pennsylvania.

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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