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.
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…)
Peak Automation Will See Massive Jobs Hit Goldman Sachs is now projecting that automation will take as many as 25,000 jobs per month away from truck drivers, as self-driving vehicles will replace human workers.
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.
Cisco Cutting its Job Force…Again! Silicon Valley tech giant Cisco Systems, Inc. (NASDAQ:CSCO) is laying off another 1,100 employees this year, in an effort to streamline its business.
Rue21 Files for Bankruptcy Protection, Closes 400 Stores Pennsylvania-based teen fashion specialty retailer Rue21 has filed for Chapter 11 bankruptcy after facing deteriorating sales and difficulties in servicing its debt. Following the bankruptcy, the company is closing 400 of its stores, with a warning that more store closings might follow.
It’s been a few weeks of pain for workers at Hillsboro, Oregon-based SureID, Inc.. A leading provider of identity authentication, background screening, and identity management and enforcement, SureID announced that it laid off at least 60 employees a day after it sent many of its top executives packing. Including this latest round of cutbacks, SureID (more…)
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.
Meeting among EU Leaders Has Trump Going Back on Brexit President Donald Trump is said to have expressed concern that Brexit may cost American jobs during a meeting with European Union leaders.