Unexpected layoffs in California now rise this month as more businesses file a WARN act advising of upcoming job cuts.
“The first week of October saw the layoff wave in California continue, with fifteen companies announcing job cuts in California.
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,” reports Ash Jurberg.
So far, California is leading #1 with the most layoffs in the U.S.
The state has also exceeded last year’s job cuts.
“California has been hit by a wave of layoffs over the last few months.
Below are the businesses that filed a WARN act with the California Employment Development Department from October 1 to 5, advising of upcoming layoffs.
- PLI Holdings.217 City of Industry jobs cut
- Peloton Interactive. 3 Long Beach jobs cut
- FUJIFILM Irvine Scientific. 6 Irvine jobs cut
- Kings Garden. 70 Palm Springs jobs cut
- FUJIFILM Irvine Scientific. 51 Santa Ana jobs cut
- Sonoco. 292 Exeter jobs cut
- Kaiser Foundation Hospitals. 41 Pleasanton and Pasadena jobs cut
- Boardriders Wholesale. Universal City jobs cut
- Kaiser Foundation Hospitals. 9 Oakland and San Diego jobs cut
- Boardriders Wholesale. 83 Huntington Beach jobs cut
- Coronado Brewing Company, Inc. 27 Imperial Beach jobs cut
- California Resources Corporation. 61 Bakersfield, Tupman jobs cut
- Jensen Enterprises Inc. dba Jensen Precast. 40 Sacramento jobs cut
- Foundation for California Community Colleges. 259 Sacramento jobs cut
- AppFolio. 111 San Diego and Goleta jobs cut
Other Economy News Today
Another popular retailer now declares an unexpected bankruptcy as modeling its competition proved to backfire.
Shift, which followed the Carvana blueprint, has shown that too many companies using the same disruptive business model leads to failure.
“Carvana has shown that people want a different way to buy and sell used cars, but copycats including Vroom and Shift Technologies have shown that when a company does not have a proprietary business model, competition can kill,” reports TheStreet.
“But just because people want to buy and sell cars without the sleaziness associated with traditional car dealers does not mean that multiple companies can succeed.
We’re seeing the same issues in ride-sharing and food delivery, where too many companies using the same business model lead to an inability to raise prices.
Shift has fallen victim to the fact that too many players in the used-car space use similar disruptive models.
That makes the price of acquiring customers too high, especially for a company that’s arguably No. 3 at best in a race where even market leader Carvana may ultimately run out of money.”
Shift Technologies disclosed that it intends to file a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code, to implement an orderly wind-down of its business.
“To facilitate the process, the company will utilize cash on hand and cash generated by the liquidation of inventory through wholesale channels to provide the necessary liquidity to support the wind down and closure of operations during the Chapter 11 process,” Shift stated.
The company has closed its retail locations, and its website no longer offers any services.
“This decision follows months of trying to raise capital and restructure the balance sheet to allow the company to operate unencumbered in this challenging environment,” Chief Executive Ayman Moussa said in a statement.
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.
- Gain access to EXCLUSIVE FrankNez articles you won’t find here.
- Become part of a private and safe Discord community, just for retail investors.
- Get drawn at the end of the year for holiday giveaways.
Recommended For You ✨
- Massive Layoffs in California Now Underway Prior to Holidays
- A Massive Bank Now Closes Several Branches in Florida
- Florida Now Has Massive Departures As Hundreds of Thousands Leave
- Chase Customers Now Unable to Access Money Through ATMs
- Wells Fargo is Now Freezing Bank Accounts in New Scandal
- California Now Has Massive Departures As Hundreds of Thousands Leave