Michael Kors Holdings Ltd (NYSE:KORS)—the luxury brand known for its handbags, footwear, jewelry, and clothing—announced it will close up to 125 stores due to plunging sales. Management said the company’s restructuring will help it improve profitability. The retailer expects the store closings to result in a $125.0-million expense, but they will help the company save (more…)
Cathay Pacific Airways Ltd, Asia’s largest international airline, is in the process of cutting the most jobs it has in 20 years, as the company looks to turn around after reporting its first financial loss in eight years.
Cereal giant Kellogg Company continues with its latest round of massive layoffs. The company announced that more than 400 employees will be looking for work after it closes two distribution centers in Texas. The Michigan-based cereal and breakfast food maker said it plans to close the distribution centers in Fort Worth between July 29 and (more…)
BAE Systems PLC (ADR) (OTCMKTS:BAESY), a global defence, aerospace, and security company, said it will be laying off 300 workers from its shipyard in Norfolk, Virginia, because no new repair contracts have come in from the U.S. Navy.
Wisconsin-based Guaranty Banks is no more. The bank, with over 100 branches across the country (doing business as Best Bank in Georgia and Michigan), was closed by regulators. About 500 bank employees were laid off. Guaranty Bank is the fifth Federal Deposit Insurance Corporation (FDIC)-insured institution to fail in the U.S. this year.
The once robust and ubiquitous American restaurant industry continues to slowly disappear. The operator of Joe’s Crab Shack and Brick House Tavern restaurant chains is preparing to file for bankruptcy. The quick and casual dining sector has been facing major decreases in customer traffic, and Ignite Restaurant Group is no exception.
The “Diamond” brand match and toothpick factory in Cloquet, Minnesota is set to shutter its doors after 112 years, leading to 85 job losses and an economic void in the small town of 12,000.
The U.S. might be in an economic recovery, but American retailers are closing their doors at a record pace. So far, more than a dozen national retailers have announced they are either downsizing or going out of business altogether. That’s more than twice as many stores were closed at this time in 2016.
Kit and Ace, the technical apparel company started by Lululemon Athletica inc. founder Chip Wilson and his family, is laying off staff and is closing all of its U.S., U.K., and Australia operations.
Marsh Supermarkets, Inc., a retail food chain with stores throughout Indiana and parts of Ohio, filed for Chapter 11 bankruptcy in May, as it looks to sell off its remaining 44 stores. Founded in 1931 by Ermal Marsh, the business was running 116 supermarkets and 154 convenience stores in 2006 when Sun Capital took the (more…)