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.
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.
Regulators Shut Down Guaranty Bank Wisconsin-based Guaranty Bank 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.
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…)
More Sears Stores to Close Sears announced at the start of the year that it would be closing 150 underperforming stores, but the gutting didn’t stop there, with 30 more quietly added to the list.