Two unexpected companies are now closing in Kentucky according to the latest Worker Adjustment Retainment Notification Act (WARN) data.
Wheels Up, a provider of on-demand private charter jet services, is closing one of its facilities at the Cincinnati/Northern Kentucky International Airport.
As a result, a total of 40 employees will be laid off by no later than June 16.
“Of the employees impacted by the Cincinnati closure, 90% were immediately extended firm offers of comparable compensation by FEAM Aero,” Brian Kedzior, Wheels Up’s chief people officer, said in an emailed statement.
Quanex Building Products also filed a WARN notice advising that a total of 140 employees will be affected due to its Bluegrass closure.
The notice date was given on Tuesday the 9th with the layoffs in Kentucky expected by June 7.
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.
Shares of the company are down more than -8% in the past five trading days despite an increase in its ROCE score.
“Quanex Building Products’ ROCE growth is quite impressive. More specifically, while the company has kept capital employed relatively flat over the last five years, the ROCE has climbed 180% in that same time.
So it’s likely that the business is now reaping the full benefits of its past investments, since the capital employed hasn’t changed considerably,” reports Yahoo Finance.
Last month, the following businesses also announced they were laying off in Kentucky:
- Packers Sanitation Services Inc. (PSSI). 78 job cuts.
- PACKERS SANITATION SERVICES, INC. 79 job cuts.
- GUESS Distribution Center. 200 job cuts.
- Pride Mine (formerly Survant Mine). 230 job cuts.
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
A popular Italian restaurant now announces an unexpected closure after nine years in business, according to an email sent to customers.
Italian Eatery, located in south Minneapolis, Minnesota, told its long-time customers that it planned to shut its doors.
The beloved restaurant, also known as ie, also plans to close its sister restaurant un dito, known for its Sicilian seaside street food, per The US Sun.
They have not announced a closing date but are expected to close between late May and mid-June, according to Bring Me The News.
“As we prepare to close our doors at ie and un dito, we’d like to extend a heartfelt invitation for you to join us for our final months of service,” an email to customers from Carrara $ Co. read.
“Gather with us at the table and let us reminisce over the incredible memories we’ve created together and cherish the moments shared over the past nine years.”
Italian Eatery has been a popular spot since its opening in 2016 and is known for its full-service drinks and dining near Lake Nokomis.
Un dito is a 400-square-foot space that specializes in sips and snacks or afternoon gatherings like you would see in Italy, according to its website.
The restaurant’s “Last Supper” reservations will be released every week and shared in weekly newsletters, according to its website.
“As always, we will continue to reserve walk-in tables at both ie + un dito for our beloved neighborhood,” the announcement read, according to the outlet.
Carrara & Co. also owns due, a focacceria and Italian market in St. Paul, Minnesota that the company calls “Italian Eatery’s spawn, aka quirky little brother,” according to its website.
Despite the Minneapolis closures, due will remain open.
“I’m pleased to inform you that all other Carrara & Co operations remain unaffected, including Due Focacceria, and we are even expanding our services,” according to a statement, reported by NBC affiliate KARE.
For more news and updates like this, opt-in for push notifications.
Also Read: A Massive Grocery Brand Now Files For Chapter 11 Bankruptcy
Market News Published Daily 📰
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), Instagram, Facebook, 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.
Recommended For You ✨
About The Author
Leave your thoughts below.
For more news and updates like this, opt-in for push notifications.