Unexpected Layoffs in New Jersey Are Now Around The Corner

Unexpected layoffs in New Jersey are now around the corner as more businesses file WARN notices advising of upcoming job cuts.

Ferring Pharmaceuticals filed a WARN act this week with the New Jersey Department of Labor and Workforce Development advising that 79 staff in Parsippany will lose their jobs in February.

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.

Ferring Pharmaceuticals is the latest business to join the growing list of upcoming job cuts in New Jersey.

So far in 2023, there has been approximately 14,307 layoffs in New Jersey across 136 businesses according to the latest WARN data.

California remains the #1 state with the most layoffs in the country.

In second place is New York followed by Colorado, IllinoisTexasWashington, New Jersey, FloridaMichigan, and Georgia.

Layoffs in New Jersey 2023.
Layoffs in New Jersey 2023.

Below is a list of businesses who have announced of upcoming layoffs in New Jersey soon:

  • Ahold eCommerce Sales Company LLC. 454 job cuts by 1/03/2024.
  • Swissport. 378 job cuts by 2/19/2024.
  • PTC Therapeutics Inc. 308 job cuts by 12/27.
  • Siemens Healthcare Diagnostics Inc. 300 job cuts by 1/31/2024.
  • Barclays Service Corporation. 244 job cuts by 1/13/2024.
  • Labcorp. 239 job cuts by 1/02/2024.
  • Pfizer. 195 job cuts by 2/12/2024.
  • Charles Schwab Corporation. 109 job cuts by 2/25/2024.
  • ID Logistics.108 job cuts by 1/11/2024.
  • GEO Reentry Service LLC. 107 job cuts by 1/18/2024.
  • Novelis ALR Rolled Products Inc. 104 job cuts by 1/02/2024.
  • Geico. 93 job cuts by 1/17/2024.
  • Qualcomm Inc. 91 job cuts by 1/11/2024.
  • Hotel Mahwah dba Sheraton Mahwah. 91 job cuts by 12/15.

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

Other Economy News Today

Market News Today - Unexpected Layoffs in New Jersey Are Now Around The Corner.
Market News Today – Unexpected Layoffs in New Jersey Are Now Around The Corner.

A massive shoe retailer now plans to close several stores by 2026, part of a restructuring plan to improve its sales and traffic.

Foot Locker, under Chief Executive Mary Dillon, who has held the job for a little more than a year, has decided to close 275 of its ‘namesake locations’ by 2026 in addition to closing 125 (about half) of its Champs Sport stores, reports TheStreet.

The company has built its business on the back of Nike, which has been the leading player in sneaker culture.

It offers the biggest limited-edition releases and has the ability to drive people to stores.

That has been a mixed blessing for Foot Locker in recent years as Nike has built out its direct-to-consumer business reports TheStreet.

Unfortunately for Foot Locker, some of the sneakers that used to get sold through the company and other partners now get sold via Nike’s app.

The company has cut Foot Locker’s product, and that has been especially bad for the company’s Champs Sport chain.

“While the Champs Sports banner continues to be the most acutely impacted by changes in our Nike allocation, the team is getting sharper with the brand’s positioning as it appeals to that active athletes,” said Mary Dillon during the company’s earnings call.

While many people believe that malls are dying, the reality is that B and C malls have struggled while top-tier A shopping centers continue to thrive.

That’s causing Foot Locker to rethink its store portfolio.

The chain will close 275 Foot Locker locations by 2026.

That plan generally lines up with expiring leases.

The vast majority of the closing stores will be in less-successful malls, reports TheStreet.

Also Read: A US Company Now Declares An Unexpected Bankruptcy

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Market News Today - Unexpected Layoffs in New Jersey Are Now Around The Corner.
Market News Today – Unexpected Layoffs in New Jersey Are Now Around The Corner.

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