Tag: Stock Market News (Page 2 of 496)

A Lawsuit Now Targets A Retailer After Massive Layoffs

A lawsuit now targets a retailer after massive layoffs impacted workers without warning, violating the Worker Adjustment Retraining Notice Act.

Foxtrot, its sister company Dom’s Kitchen & Market and their parent firm Outfox Hospitality are being sued for violating the Worker Adjustment and Retraining Notification (WARN) Act, according to a class action complaint filed with the U.S. District Court for the Northern District of Illinois.

The suit was filed on April 24, just one day after the combined companies unexpectedly ceased operations.

It claims the Chicago-based companies violated the WARN Act by failing to give its employees — who have all been terminated — at least 60 days notice of the mass layoff.

Under the Worker Adjustment and Retraining Notification Act, an employer with more than 100 full-time workers must give 60 days’ notice before laying off 50 or more people at a single site.

A former Foxtrot employee in Chicago, Jamil Moore, filed the suit “on his own behalf and on behalf of all others similarly situated,” which is estimated to include roughly 1,000 other people, according to the complaint.

According to the complaint, Moore was not told ahead of time about Foxtrot ceasing operations, instead learning about it when he was terminated in the middle of his shift on April 23.

He wasn’t the only worker to have that experience. Stephanie Roatis, who worked at the Foxtrot in Chicago’s Wrigleyville neighborhood, also found out she’d lost her job Tuesday.

However, Roatis had a hunch of irregularities in the days leading up to Tuesday, as her team was informed that supply chain “would be an issue as of this weekend.”

“That seemed kind of odd, and then this morning, [in] our mobile app, people couldn’t order ahead,” she said Tuesday in an interview.

“And that was the first tip off where I was like, ‘This is not good.’”

In Illinois, companies of 75 or more employees expecting a mass layoff must submit a WARN notice at least 60 days before the layoffs, according to the Illinois Department of Commerce & Economic Opportunity.

This is a developing story — for more news and updates like this, opt-in for push notifications.

Also Read: A Massive Grocery Brand Now Files For Chapter 11

Other Economy News Today

Market News Today - A Lawsuit Now Targets A Retailer After Massive Layoffs.
Market News Today – A Lawsuit Now Targets A Retailer After Massive Layoffs.

A grocery chain with 900 outlets now makes an unexpected closure in Illinois, leaving customers mourning its loss.

A Save-A-Lot store in Rockford, Illinois, will be closing its doors for good on May 20.

Customers were informed of the sudden news by a sign on the door telling them to go to another branch for their goods.

However, locals are concerned as a store that opened in February 2015 propped up the neighborhood following the loss of a Schnucks store.

The Save-A-Lot location not only provided jobs but also a budget store.

Following the closure, shoppers are going to be left with fewer options with one resident saying, “We have no choices.”

“This is going to be a hard hit for the people in this neighborhood…this community…and this side of town…we have nothing,” one shopper told WREX.

“I’m not happy because they are a less expensive store, you get more for your money.”

“Schnucks is on the higher end, and Aldi is higher than they used to be.”

The shopper noted that options in the area are limited with the nearest grocery stores being Aldi which is around two miles away, and Schnucks, two and a half miles away.

“We have no choices, we have dollar stores – they have competitive prices, but they don’t carry a lot of stuff you can’t feed a family on that, you need stores like this.”

“I feel like we’re a dry county when it comes to groceries and it’s really hard,” another shopper added.

“I’m kind of heartbroken about it. It’s a shame it’s going to hurt a lot of people.”

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

Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing

Market News Published Daily 📰

Market News Today - A Lawsuit Now Targets A Retailer After Massive Layoffs.
Market News Today – A Lawsuit Now Targets A Retailer After Massive 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.



A California Health Company Now Announces Unexpected Layoffs

A California health company now announces unexpected layoffs, resulting in the impact of more than 100 people.

Intended to preserve resources, the layoffs come weeks after Freenome released study data on its blood test for colorectal cancer that fell short of competitors’ results, reports MedTech Dive.

Freenome, a developer of blood tests for early cancer detection, said it is eliminating just over 100 jobs, or about 20% of its staff, in a restructuring.

Before the workforce reduction, it had about 530 employees, the company said Wednesday in an emailed statement.

The south San Francisco, California-based company said it is restructuring its organization to align with strategic priorities.

Earlier this month, Freenome published results from a study of a blood-based test for colorectal cancer that met its primary endpoints but fell short of analyst expectations for sensitivity measures.

Freenome wants to expand access to early cancer detection through screening tests based on a standard blood draw.

The company is focusing initially on colorectal and lung cancer and has single- and multi-cancer tests in development.

To advance that pipeline, the privately held company said it raised an additional $254 million in February in a financing led by Roche and supported by Quest Diagnostics and other investors.

“As we continue to build our early cancer detection platform and portfolio of blood-based tests, we strive to direct and preserve our resources to align with our long-term success,” the company wrote in a statement.

Freenome said it will provide transitional support to affected employees, noting the layoffs span multiple job functions.

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

Also Read: A Massive Grocery Brand Now Files For Chapter 11

Other Economy News Today

Market News Today - A California Health Company Now Announces Unexpected Layoffs.
Market News Today – A California Health Company Now Announces Unexpected Layoffs.

A grocery chain with 900 outlets now makes an unexpected closure in Illinois, leaving customers mourning its loss.

A Save-A-Lot store in Rockford, Illinois, will be closing its doors for good on May 20.

Customers were informed of the sudden news by a sign on the door telling them to go to another branch for their goods.

However, locals are concerned as a store that opened in February 2015 propped up the neighborhood following the loss of a Schnucks store.

The Save-A-Lot location not only provided jobs but also a budget store.

Following the closure, shoppers are going to be left with fewer options with one resident saying, “We have no choices.”

“This is going to be a hard hit for the people in this neighborhood…this community…and this side of town…we have nothing,” one shopper told WREX.

“I’m not happy because they are a less expensive store, you get more for your money.”

“Schnucks is on the higher end, and Aldi is higher than they used to be.”

The shopper noted that options in the area are limited with the nearest grocery stores being Aldi which is around two miles away, and Schnucks, two and a half miles away.

“We have no choices, we have dollar stores – they have competitive prices, but they don’t carry a lot of stuff you can’t feed a family on that, you need stores like this.”

“I feel like we’re a dry county when it comes to groceries and it’s really hard,” another shopper added.

“I’m kind of heartbroken about it. It’s a shame it’s going to hurt a lot of people.”

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

Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing

Market News Published Daily 📰

Market News Today - A California Health Company Now Announces Unexpected Layoffs.
Market News Today – A California Health Company Now Announces Unexpected 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.



A New Wave of Unexpected Layoffs Now Hits Oregon

A new wave of unexpected layoffs now hits Oregon as a giant business announces its second phase of job cuts in the state.

The second phase of layoffs is hitting Nike’s corporate headquarters in Oregon effective June 28, according to a Worker Adjustment and Retraining Notification filing on Friday.

The layoffs are part of the 2% workforce reduction Nike announced back in February, which is taking place across two phases, the company confirmed via email.

After the layoffs in June, about 740 employees total will have lost their jobs at Nike’s Oregon headquarters over the two phases, per the filing.

Nike said job titles and the number of employees in each category would be provided at a later date, once the company has determined them.

Bumping rights are not available for the impacted employees, reports Fashion Dive.

“Nike’s always at our best when we’re on the offense. The actions that we’re taking put us in the position to right-size our organization to get after our biggest growth opportunities as interest in sport, health and wellness have never been stronger,” Nike said in a statement, echoing the statement provided to sister publication Retail Dive when layoffs were first announced.

“While these changes will impact approximately 2% of our total workforce, we are grateful for the contributions made by all Nike teammates.”

The layoffs are tied to a cost-savings plan Nike unveiled in December, which is aimed at generating up to $2 billion in cumulative savings over three years.

Based on the company’s last annual report, the layoffs to 2% of its total workforce will impact more than 1,600 people.

Savings from the plan are set to be reinvested in driving growth, innovation and profitability.

The layoffs come as Nike is looking to tweak its strategy following challenges created by its DTC focus. CEO John Donahoe in March said Nike is “not performing at our potential” and vowed to make “important adjustments” to its DTC strategy.

CFO Matt Friend added at the time that the brand had started streamlining support and operating functions, as well as cutting back on management layers. Instead, Nike is investing in areas like design, product creation and merchandising.

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

Also Read: A Massive Grocery Brand Now Files For Chapter 11

Other Economy News Today

Market News Today - A New Wave of Unexpected Layoffs Now Hits Oregon.
Market News Today – A New Wave of Unexpected Layoffs Now Hits Oregon.

A grocery chain with 900 outlets now makes an unexpected closure in Illinois, leaving customers mourning its loss.

A Save-A-Lot store in Rockford, Illinois, will be closing its doors for good on May 20.

Customers were informed of the sudden news by a sign on the door telling them to go to another branch for their goods.

However, locals are concerned as a store that opened in February 2015 propped up the neighborhood following the loss of a Schnucks store.

The Save-A-Lot location not only provided jobs but also a budget store.

Following the closure, shoppers are going to be left with fewer options with one resident saying, “We have no choices.”

“This is going to be a hard hit for the people in this neighborhood…this community…and this side of town…we have nothing,” one shopper told WREX.

“I’m not happy because they are a less expensive store, you get more for your money.”

“Schnucks is on the higher end, and Aldi is higher than they used to be.”

The shopper noted that options in the area are limited with the nearest grocery stores being Aldi which is around two miles away, and Schnucks, two and a half miles away.

“We have no choices, we have dollar stores – they have competitive prices, but they don’t carry a lot of stuff you can’t feed a family on that, you need stores like this.”

“I feel like we’re a dry county when it comes to groceries and it’s really hard,” another shopper added.

“I’m kind of heartbroken about it. It’s a shame it’s going to hurt a lot of people.”

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

Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing

Market News Published Daily 📰

Market News Today - A New Wave of Unexpected Layoffs Now Hits Oregon.
Market News Today – A New Wave of Unexpected Layoffs Now Hits Oregon.

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.



Grocery Chain with 900 Outlets Now Makes An Unexpected Closure

A grocery chain with 900 outlets now makes an unexpected closure in Illinois, leaving customers mourning its loss.

A Save-A-Lot store in Rockford, Illinois, will be closing its doors for good on May 20.

Customers were informed of the sudden news by a sign on the door telling them to go to another branch for their goods.

However, locals are concerned as a store that opened in February 2015 propped up the neighborhood following the loss of a Schnucks store.

The Save-A-Lot location not only provided jobs but also a budget store.

Following the closure, shoppers are going to be left with fewer options with one resident saying, “We have no choices.”

“This is going to be a hard hit for the people in this neighborhood…this community…and this side of town…we have nothing,” one shopper told WREX.

“I’m not happy because they are a less expensive store, you get more for your money.”

“Schnucks is on the higher end, and Aldi is higher than they used to be.”

The shopper noted that options in the area are limited with the nearest grocery stores being Aldi which is around two miles away, and Schnucks, two and a half miles away.

“We have no choices, we have dollar stores – they have competitive prices, but they don’t carry a lot of stuff you can’t feed a family on that, you need stores like this.”

“I feel like we’re a dry county when it comes to groceries and it’s really hard,” another shopper added.

“I’m kind of heartbroken about it. It’s a shame it’s going to hurt a lot of people.”

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

Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing

Other Economy News Today

Market News Today - Grocery Chain with 900 Outlets Now Makes An Unexpected Closure.
Market News Today – Grocery Chain with 900 Outlets Now Makes An Unexpected Closure.

100 mall retail stores now announce painful closures, further fueling the extinction of brick-and-mortal businesses.

Clothing company Express has announced which states will have closures as the store files for bankruptcy.

The bankruptcy filing was officially announced on Monday.

Express has confirmed that 95 of its 553 stores will shut down as well as all 10 UpWest locations, according to the bankruptcy documents.

Customers can expect store closures in the following states:

  • California – 16
  • New York – 11
  • New Jersey – 7
  • Texas, Florida – 5
  • Connecticut, Georgia, Illinois – 4
  • Colorado, Iowa, Maryland, Massachusetts – 3
  • Indiana, Michigan, North Carolina, Ohio, Pennsylvania, Virginia, Washington, Wisconsin – 2
  • Arizona, District of Columbia, Hawaii, Louisiana, Minnesota, Missouri, Nebraska, New Hampshire, Nevada, Rhode Island, Tennesee – 1

Stores affected by the mass closures have started sales while opening hours stay the same, reports The-Sun.

Customers can get 40% off everything across men’s and women’s apparel if they shop online.

Closing UpWest locations can be found in Illinois, New York, Minnesota, California, Massachusetts, Virginia, Colorado, Washington, and the District of Columbia.

The company also owns Bonobos, another clothing store, but has not announced any plans to close locations.

Though closures are impending, the company plans to “conduct business as usual,” according to Monday’s press release.

“We continue to make meaningful progress refining our product assortments, driving demand, connecting with customers and strengthening our operations,” said Stewart Glendinning, Chief Executive Officer, according to the press release.

“We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives.

WHP Global has been a strong partner to the Company since 2023, and the proposed transaction will provide us additional financial resources, better position the business for profitable growth and maximize value for our stakeholders.”

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

Also Read: A Massive Grocery Brand Now Files For Chapter 11

Market News Published Daily 📰

Market News Today - Grocery Chain with 900 Outlets Now Makes An Unexpected Closure.
Market News Today – Grocery Chain with 900 Outlets Now Makes An Unexpected Closure.

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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