America Closed News Desk

Illinois Financial Crisis: State Debt, Pension Liabilities, and Tax Hikes Led to Economic Decline

Illinois Financial Crisis

The Illinois financial crisis is not yet over. The state government is in debt, with $9.0 billion in unpaid bills that the state has already received, and $7.5 billion in unpaid bills that the government has yet to receive. So, the total unpaid bills for Illinois add up to $16.5 billion. This giant backlog of bills tripled (more…)

Connecticut Budget Deficit to Reach $224 Million, Cuts & Tax Hike to Follow

Connecticut Budget Deficit

Connecticut’s budget deficit increased from $203.0 million to $224.0 million, and it may grow further. Revenue shortfalls caused the most significant budget cuts for Connecticut in this fiscal year. Forecasts predicted a Connecticut budget deficit shortfall of $178.4 million this fiscal year and $147.1 million in 2018-2019. The Federal Medicaid reimbursements contributed towards a major (more…)

Weekly News Roundup for January 14: Hobbico Bankruptcy, Regis Closing Salons, Michelin-Starred Restaurant Closure & More

Bankruptcies, store closings, and political issues continue in the U.S from the start of the year. Hobbico, Inc. the hobby products manufacturer, filed for Chapter 11 bankruptcy protection, which could cut 332 employees. Regis Corporation (NYSE:RGS), located inside Wal-Mart Stores Inc (NYSE:WMT) brand department stores has announced the closing of its 600 underperforming SmartStyle hair salons by January 31, 2018. Danny (more…)

Weekly Layoffs Update for 13th January: Job Cuts at Walmart, Uptake, Rodale, ORNL & Pfizer

Weekly Layoffs Update for 13th January

Layoffs continue in several U.S. industries in 2018. Wal-Mart Stores Inc (NYSE:WMT) laid off dozens of its employees in Georgia and Utah. Uptake Technologies, Inc., a data science startup launched in 2014, laid off staff for the first time. Rodale Inc., a publishing company, has been acquired by Hearst Magazines, resulting in job cuts. Tennessee-based Oak Ridge National Laboratory (more…)

IBM Layoffs 2018: 1,700 U.S. Jobs in GTS Unit to Be Affected, Quarterly Losses and Shift to Automation to Blame

IBM

As International Business Machines Corporation (NYSE:IBM) gets ready to report its fourth quarter results next week, a media report has come in that the company is planning to lay off about 10,000 of its employees of its Global Technology Services (GTS) unit. Although the company has not confirmed the report, IBM layoffs in 2018 would (more…)

Weekly News Update for January 7: The Pacifica Foundation’s Expected Bankruptcy, Dana Mining of Pennsylvania Closure & More

Weekly News Update for January 7

2018 started with bankruptcies, political issues, and closings of mines, restaurants, and grocery stores in the U.S. Radio broadcaster The Pacifica Foundation may enter bankruptcy if it doesn’t pay its $1.8-million debt. Dana Mining of Pennsylvania LLC will close its 4 West Mine in Mount Morris, impacting about 400 jobs. Portland restaurants including The Original Taco House, (more…)