This Massive Warehouse Is Now Closing in Kentucky

This massive warehouse is now closing in Kentucky, with its permanent shutter affecting 150 employees, sources report.

Wolverine World Wide is permanently closing its facility in Louisville, Kentucky, and laying off approximately 150 people, according to a WARN notice filed Monday.

The layoffs are expected to begin around May 3 for the 519,508-square-foot facility at 6001 Cane Run Road, reports Supply Chain Dive.

The company sold the distribution center at the end of 2023.

The sale added $23 million in cash to Wolverine’s Q4 bottom line, and the company said at the time that despite the transaction, the Saucony and Sperry brands would continue to operate out of the facility under a lease agreement.

The site closure comes as Wolverine streamlines its operations as part of a previously announced restructuring plan.

The stated mission of that plan is to deliver $215 million in annual savings and stabilize the business by divesting the company’s noncore assets, reducing inventory and paying debt, and right-sizing its cost structure.

Wolverine sold Sperry to Authentic Brands Group and the Aldo Group in January of this year.

2023 was a year of Wolverine divesting several business lines, including Keds and its U.S. leathers business.

Sarah Davasher-Wisdom, president and CEO of Greater Louisville Inc., the chamber of commerce for Louisville, said her organization is getting in touch with Wolverine in hopes of connecting displaced employees with hiring companies in the region.

“Unfortunately, this news reflects challenges that companies in certain industries across the U.S. are facing due to changing consumer demands and inflationary pressures,” Davasher-Wisdom said in an email to Fashion Dive.

“However, we remain optimistic that our regional economy is in a strong position and believe that these kinds of announcements will be minimal across our region.”

Rockford, Michigan-based Wolverine has two remaining U.S. distribution centers, in Howard City, Michigan, and Beaumont, California.

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Also Read: Clothing Retailer Now Makes Painful Decision To Close All Stores

Other Economy News Today

Market News Today - This Massive Warehouse Is Now Closing in Kentucky.
Market News Today – This Massive Warehouse Is Now Closing in Kentucky.

New data on layoffs for 2024 now paint an unexpected picture as job cuts hit their highest levels since 2009, sources report.

Layoff announcements in February hit their highest level for the month since 2009, Challenger, Gray & Christmas reported on Thursday.

With a series of high-profile layoff waves, tech leads the way this year in cuts with 28,218, though that number has fallen 55% from the same period a year ago, says CNBC.

“From a historical perspective, this was the worst February since 2009, which saw 186,350 announcements as the worst of the financial crisis was seemingly coming to an end,” reported the outlet.

“Financial markets bottomed the following month, paving the way for the longest economic expansion on record, lasting until the Covid pandemic in March 2020.”

For the year, companies have listed 166,945 cuts, a decrease of 7.6% from a year ago.

“As we navigate the start of 2024, we’re witnessing a persistent wave of layoffs,” said Andrew Challenger, the firm’s labor and workplace expert.

“Businesses are aggressively slashing costs and embracing technological innovations, actions that are significantly reshaping staffing needs.”

With a series of high-profile layoff waves, tech leads the way this year in cuts with 28,218, though that number has fallen 55% from the same period a year ago.

Layoff announcements at financial firms have risen 56% compared with the first two months of 2023.

Other industries planning significant cuts include industrial goods manufacturing (up 1,754% from a year ago), energy (up 1,059%) and education (up 944%).

The layoff numbers, however, are not feeding through to weekly jobless claims, suggesting that unemployment is short-lived and workers are able to find new positions.

Initial filings for unemployment insurance totaled 217,000 in the most recent week, unchanged from the previous period and exactly in line with Wall Street estimates.

Challenger’s experts say companies most often cite restructuring plans as the main reason for the reductions in workforce.

Artificial intelligence has been cited for just 383 cuts, though “technological updates” in general have been at the root of more than 15,000 reductions, or nearly as much as all the years combined since 2007.

“In truth, companies are also implementing robotics and automation in addition to AI.

It’s worth noting that last year alone, AI was directly cited in 4,247 job reductions, suggesting a growing impact on companies’ workforces,” Challenger reported.

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Also Read: A New Wave of Unexpected Layoffs Now Hits Illinois

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Market News Today - This Massive Warehouse Is Now Closing in Kentucky.
Market News Today – This Massive Warehouse Is Now Closing in Kentucky.

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