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.
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…)
Federal Workers to See Their Pensions Cut While some federal workers will benefit from the proposed budget plan, many stand to see cuts in their pensions and other services.
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.
More American Hospitals Go out of Business in 2017 The U.S. healthcare sector has witnessed record-high numbers of bankruptcies in the first half of 2017. American hospitals, in particular, continue to face a risk of insolvency in the midst of political uncertainty.
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.