Unexpected layoffs now hit Connecticut for 2024 as more businesses file WARN notices advising of upcoming job cuts.
It’s important to note that under the Worker Adjustment and Retraining Notification Act, an employer with more than 100 full-time workers must give 60 days’ notice before laying off 50 or more people at a single site.
Walgreens officially filed a WARN Act notice with the Connecticut Department of Labor advising that a facility in Killingly will be closed in May, resulting in 322 employees losing their jobs.
The company has advised that employees losing their jobs will be given the chance to participate in on-site career fairs and outplacement services to help find new employment. and may also apply for other open positions with the company.
Walgreens has about 100 locations in Connecticut but has recently closed stores in West Hartford and Canton in recent months.
However, Walgreens isn’t the only company who has advised of upcoming layoffs in Connecticut for 2024.
Below is a list of businesses advising of upcoming job cuts in Connecticut this year:
- Trinity Terraces. 67 job cuts by 5/15.
- First Student. 65 job cuts by 6/30.
- Cascades Containerboard Packaging. 71 job cuts by 4/12.
- UPS. 118 job cuts by 4/2.
- Freight Handlers, LLC. 383 job cuts by 3/31.
For more news and updates like this, opt-in for push notifications.
Also Read: A Massive Company Now Announces Unexpected Layoffs in Arkansas
Other Economy News Today
A crafts retailer now declares an official bankruptcy with a restructuring plan hat could allow it to exit the process as a private company.
Joann officially filed for Chapter 11 on Monday according to a press release and documents at the U.S. Bankruptcy Court for the District of Delaware.
The sewing and crafts chain has a transaction support agreement with most of its financial stakeholders and other financing parties, including commitments for $132 million in new funds.
As a result, Joann expects to reduce its funded debt by about $505 million.
Joann also garnered a six-month extension of its asset-based loan and first-in, last-out credit facilities, effective once it exits bankruptcy.
In the meantime, stores remain open and “all obligations to employees, vendors, landlords, and other trade creditors will be paid or otherwise satisfied in full and honored in the ordinary course of business,” per the release.
The retailer has worked to revamp its stores as well as its online operation, but has lost market share as crafting has declined and competition has heated up, according to GlobalData research.
Joann planned to cut some $200 million in supply chain, product and corporate costs, including through agreements with suppliers on price concessions.
The company then raised that target to $225 million in December.
They also closed on a sale-leaseback of its corporate headquarters in Ohio for $34.5 million and planned to use the proceeds to invest in the business, reports Retail Dive.
“None of that was enough to prevent bankruptcy.
In the third quarter, net sales fell about 4% to $539.8 million, and the company’s long-term debt had grown to $1.14 billion.”
“The bankruptcy process will now allow the arts and crafts chain to receive an infusion of cash at the same time as streamlining its operations and reducing debt levels,” GlobalData Managing Director Neil Saunders said.
For more news and updates like this, opt-in for push notifications.
Also Read: Massive Clothing Retailer Is Now Shuttering All Stores This Sunday
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.