This Massive US Company Is Now Laying Off 900 Workers

A massive US company is now laying off a whopping 900 workers nationwide according to the latest WARN act filings.

Delivery truck maker Morgan Olson will lay off a total of 908 workers from its plants in Michigan, Tennessee and Virginia, the company disclosed through the states’ Worker Adjustment and Retraining Notification Act systems in October.

Morgan Olson produces aluminum delivery trucks and vans for companies such as UPS, FedEx and Aramark, according to their website.

The layoffs will begin Dec. 22 and will be complete by the end of the year, according to the WARN letters.

Fortunately the workforce cuts at all three locations are only temporary, according to a statement from the company.

“Major parcel delivery companies have communicated to Morgan Olson that new vehicle purchase orders will be delayed due to the current economic conditions and forecasts,” the company said in a statement to Manufacturing Dive.

“As a result, Morgan Olson will temporarily be reducing their workforce at all three Morgan Olson locations in Michigan, Tennessee, and Virginia.” 

Of the three facilities, the Ringgold, Virginia, facility will have the most layoffs with 435.

The number of workers losing their jobs at Morgan Olson’s plant in Loudon, Tennessee, is 290, followed by 183 workers in Sturgis, Michigan. 

The Ringgold site is the company’s newest location, which it established in a former Ikea facility in 2020, and had been projected to create over 700 jobs when it opened. 

In its Virginia WARN letter, the company said it hopes business improves so it can rehire.

“Ongoing production will continue at all locations as the company looks forward to the return of the parcel delivery market demand and new product offerings,” Morgan Olson said in a statement.

Also Read: Massive Layoffs in California Now Underway Prior to Holidays

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Market News Today - This Massive US Company Is Now Laying Off 900 Workers.
Market News Today – This Massive US Company Is Now Laying Off 900 Workers.

A popular retailer is now at high risk for bankruptcy after the struggling chain had its CreditRiskMonitor Frisk Score lowered to a 1.

Joann, a brand focused on crafts like sewing, has been struggling, and without a strong holiday season, a number of factors suggest a Chapter 11 bankruptcy filing remains a clear possibility, reports TheStreet.

“In addition to appearing in the top spot on RetailDive’s list of retailers that need a strong holiday season, Joann has also gotten a major negative rating from CreditRisk Monitor.

The struggling chain recently had its CreditRiskMonitor Frisk Score lowered to a 1.”

Based on history, companies that get a 1 have between a 10% and 50% chance of filing for bankruptcy.

Joann has recently received a delisting notice from the Nasdaq, has more than $1.1 billion in debt, and does not have a permanent CEO.

Shares of the company stock have fallen more than -81% this year-to-date.

Third-quarter sales dropped -4.1% and the company’s loss widened to -$21.6 million from -$17.5 million, both from the year-earlier period.

“With continued progress and another quarter of strong execution against our strategic priorities, we were able to deliver these results despite what remains a dynamic and challenging consumer and discretionary retail environment,” said Chief Customer Officer Chris DiTullio.

“Our third quarter paired a focus on operational retail fundamentals with an agile data-driven approach, helping us to win in our core categories while overdelivering on the implementation and execution of our Focus, Simplify, and Grow cost-savings initiative,” he said. 

“This has enabled us to stabilize the overall business, rightsize our expense structure, and capitalize on trending growth areas.”

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Also Read: A US Company Now Declares An Unexpected Bankruptcy

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Market News Today - This Massive US Company Is Now Laying Off 900 Workers.
Market News Today – This Massive US Company Is Now Laying Off 900 Workers.

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