Tag: Texas

Thrift Stores Have Now Begun To Close in Texas

Thrift stores have now begun to close in Texas after two beloved locations announced the upcoming shutters over the weekend.

Two thrift stores in San Antonio, Texas, are closing their doors as shoppers face tighter budgets.

Roy Maas Youth Alternatives and Kym’s Kloset both announced their closures over the weekend.

Kym’s Kloset shut down for good at 6 PM on Sunday, with the store’s operator acknowledging that shoppers were struggling financially.

The five-year-old thrift store held a closing sale, offering T-shirts and shorts for just $1, with other items discounted by 75%, including store fixtures and mannequins, per the US Sun.

Despite moving to a new shopping center in hopes of boosting sales, Kym’s Kloset saw a significant decline in revenue, dropping from over $1,000 a day at its previous location to less than $100.

Pamela Allen, CEO of Eagles Flight Advocacy and Outreach, which runs Kym’s Kloset, expressed that the closure was “bittersweet.”

She thanked the community for their support and noted that the store had raised up to $75,000 annually to assist families in need and victims of domestic violence and human trafficking.

Meanwhile, the Roy Maas Youth Alternatives Thrift Shop is set to close at the end of the month, with signs on its doors indicating that it no longer accepts donations.

This store has been in operation for 41 years, helping children in crisis, including those who are homeless or in foster care.

Julie Healy, the chief development officer for RMYA, explained that while the thrift shop connected with the community, it was not central to their mission of supporting children in need.

She emphasized that the organization is thriving and no longer requires the store as a fundraising tool.

Employees from the thrift shop will be reassigned to other roles within the nonprofit.

However, shoppers can still take advantage of a 50% off sale until September 28, but many residents are expressing their sadness over the closures on social media.

Comments reflect a deep sense of loss, with locals highlighting the stores’ importance in providing essential items to the community, especially for children in shelters.

One resident lamented, “I’m so sad to hear this; it truly helped the community!”

Another noted the unique items they found at the store, while a third pointed out that many children relied on the thrift shop for clothing and necessities.

Another local echoed the sentiment of loss, stating, “Everything I know and grew up with is closing… It hurts to see.”

Earlier this summer, a Goodwill store in Commerce, Texas, also closed after being recently remodeled.

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Also Read: A Struggling Gas Station Chain Now Files An Unexpected Bankruptcy

Other Economy News Today

Economy News Today - Thrift Stores Have Now Begun To Close in Texas.
Economy News Today – Thrift Stores Have Now Begun To Close in Texas.

A massive rental company with 34k locations now shuts down its operations after filing for bankruptcy and 22 years in business.

Users of movie rental company Redbox were left saddened after it was announced that it would be shutting down operations.

The announcement comes after the rental company’s parent company, Chicken Soup for the Soul Entertainment, filed for Chapter 11 bankruptcy.

According to court documents obtained by the Washington Post, the Connecticut-based company claimed to be one billion dollars in debt.

As a result, Redbox, which was a staple of many grocery stores including Walgreens, and CVS will be shuttered.

Many fans took to social media to express how upset they were with the loss.

“I knew it was coming, sadly,” UltraVada wrote in a post on X, formerly Twitter.

“It was inevitable,” a second person mourned.

“I knew this would happen when I heard they filed for Bankruptcy but its still sad to hear. I have a lot of fun memories of Redbox,” a third person lamented.

“I still don’t think this will be or ever be the end of physical media as we do still get remasters of some movies in 4k/Bluray.”

One person revealed that they had forgotten the rental service had existed.

Some users were not surprised by the announcement.

“Not surprised since nobody really rents videos anymore with the rise of streaming and what not,” one user admitted.

“Also kinda remember getting into a feud with them on here.”

One user also pointed out that the last remaining Blockbuster, located in Bend, Oregon, managed to outlive Redbox.

Redbox was acquired by Chicken Soup for the Soul Entertainment (CSSE) in 2022 and became one of the company’s flagship video-on-demand streaming services.

At its peak, CSSE operated more than 20,000 DVD rental kiosks across the country.

The company’s filing means that the company’s more than 1,000 employees will be laid off, per The Wall Street Journal.

It was also reported by Deadline that many employees at CSSE hadn’t received their paychecks and had medical benefits cut in late June.

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

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Economy News Today - Thrift Stores Have Now Begun To Close in Texas.
Economy News Today – Thrift Stores Have Now Begun To Close in Texas.

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X Is Now Ditching Its Headquarters in California For Texas Soon

X is now ditching its headquarters in California for Texas soon according to several news reports confirming the dates.

X, the social media platform previously known as Twitter, is set to close its San Francisco headquarters in two weeks, specifically on Friday, September 13, according to reports.

The company, owned by Elon Musk, circulated an internal memo earlier this month, as noted by the New York Times, indicating plans to shut down the SF HQ “over the next few weeks.”

A follow-up report from Fortune revealed that the company informed employees on Thursday about the permanent closure of the headquarters on September, Friday the 13.

Located on Market Street in the struggling mid-Market area, the SF office has been the global headquarters for the social media platform.

According to the New York Times, employees at the San Francisco office will be relocating to existing offices in San Jose.

Musk, who acquired Twitter in 2022 and rebranded it as X, announced in July that the company would be moving its headquarters to Austin, Texas.

The SpaceX CEO has been critical of several of California’s policies over the years as he migrates his companies to business-friendly Texas.

Tesla’s global headquarters officially moved from California to Austin in late 2021, after tension with California’s government over stringent COVID-19 restrictions.

Since 2020, almost 150 companies have relocated to Texas, with 40% of them moving from California.

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Also Read: Thousands of Unexpected Layoffs Now Hit Ohio

Other Economy News Today

Business News Today - X Is Now Ditching Its Headquarters in California For Texas Soon.
Business News Today – X Is Now Ditching Its Headquarters in California For Texas Soon.

Wells Fargo is now accused of overcharging customers in a lawsuit that alleges the bank giant has participated in unethical behavior.

A Wells Fargo customer named Barbara Prado has filed a proposed class-action lawsuit against the bank, alleging that Wells Fargo has been overcharging thousands of its customers on their mortgage loan accounts.

According to Prado, Wells Fargo realized there was an error in the charges, but instead of being transparent about it, the bank simply sent out cashier’s checks to affected customers to try to settle the damages without explaining what had happened.

Prado claims that Wells Fargo’s representatives are unable or unwilling to tell customers how much they were overcharged or how the amounts in the cashier’s checks were determined.

She argues that the bank’s actions have been “illusory and wholly inadequate” and have left consumers facing ongoing harm and out-of-pocket losses that have not been properly reimbursed.

The lawsuit alleges that Wells Fargo is guilty of unjust enrichment and has violated California’s Unfair Competition Law.

It also claims that the bank has violated California’s penal code by receiving property that was obtained through theft and by concealing or withholding that stolen property.

Overall, the lawsuit accuses Wells Fargo of systematically overcharging its mortgage customers and then attempting to cover up the issue through opaque and inadequate remedial actions.

Separately, Wells Fargo is facing a federal investigation over issues in its anti-money laundering and sanctions programs, the bank said.

Since September 2016, WFC faced significant challenges with numerous penalties and sanctions, including a cap on the asset position by the Federal Reserve.

Earlier this month, Wells Fargo faced a class action lawsuit alleging that it mismanaged its employee health insurance plan, forcing thousands of U.S.-based employees to overpay for prescription medications.

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Also Read: The US Treasury Direct is Now Freezing Customer Accounts

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Business News Today - X Is Now Ditching Its Headquarters in California For Texas Soon.
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A Texas Company Now Announces Unexpected Job Cuts

A Texas company now announces unexpected job cuts under its new leadership with Warner Bros Discovery, sources confirm.

Rooster Teeth, the Austin-born media company that pioneered crowdfunded movies, animations, and podcasts since its inception in 2003, is facing an abrupt shutdown, affecting over a hundred employees.

The move signals the end of an era for the digital production company that has been a cornerstone of Austin’s creative industry for over two decades.

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 Texas Workforce Commission, and on Monday, Warner Bros. Discovery filed a Worker Adjustment & Retraining Notification (WARN) notice with the Texas Workforce Commission, revealing plans to lay off 133 employees who live and work in Austin or report remotely to the company’s Austin headquarters.

“This layoff will be permanent and the location will be permanently closed. Bumping rights (that is, the right to avoid termination by displacing another employee) do not exist,” the notice reads.

Employees at the 21-year-old digital production company learned of the shutdown and subsequent layoffs on Wednesday, March 6, in a morning meeting with Rooster Teeth General Manager Jordan Levin.

Levin also shared a memo on the shutdown that day in the company’s discord.

“Since inheriting ownership and control of Rooster Teeth from AT&T following its acquisition of TimeWarner, Warner Bros. Discovery continued its investment in our company, content and community,” the memo reads.

“Now however, it’s with a heavy heart I announce that Rooster Teeth is shutting down due to challenges facing digital media resulting from fundamental shifts in consumer behavior and monetization across platforms, advertising, and patronage.”

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

Other Economy News Today

Market News Today - A Texas Company Now Announces Unexpected Job Cuts.
Market News Today – A Texas Company Now Announces Unexpected 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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Market News Today – A Texas Company Now Announces Unexpected Job Cuts.

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