City Hit by Butterball, Caterpillar Factory Closures Montgomery, Illinois was hit by not one but two recent factory closing announcements– one from Caterpillar Inc. (NYSE:CAT) and one from BUTTERBALL, LLC–which will impact hundreds of workers in the area.
Despite Federal Promises, Employee Cuts on the Way President Donald Trump held up the Carrier Corporation plant in Indiana as a shining example of his negotiation skills, promising to keep at least 1,100 jobs in the state. But now, numbers show that as many as 632 jobs will be slashed, bringing the total number of factory workers down to roughly 800.
Wells Fargo Shutting Down Branches to Cut Costs One of the biggest American banks, Wells Fargo & Co (NYSE:WFC), has announced that it will be closing 450 of its bank branches across the country by the end of 2018. This is 50 branches more than the 400 branches that management had announced earlier this year.
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…)
The Pain Is Far from Over for Retail Giants As the U.S. retail giants continue to grapple with an overabundance of locations and poor sales in recent years, many are shutting their doors and seeking bankruptcy protection.
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 “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.
Southeastern Grocers LLC—the parent company of BI-LO, Harveys, Winn-Dixie, and Fresco y Más grocery stores—announced that it will be closing 20 stores. This is expected to lead to an unspecified number of layoffs. Southeastern Grocers is the fifth-largest conventional supermarket chain in the United States and the second-largest conventional supermarket in the southeast U.S., based (more…)