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…)
President Trump’s Proposed Budget Could Bankrupt Cities and Towns On May 23, 2017, the Donald Trump administration sent its budget proposal to U.S. Congress. The budget, which White House Budget Director Mick Mulvaney says should be called “A Taxpayer First Budget,” is aimed at respecting taxpayers, balancing the budget, and returning the country to sustainable (more…)
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…)
Ford Motor Company (NYSE:F) is probably the most iconic American auto manufacturer in history. Yet, despite being the leading seller of trucks and SUVs—at a time when sales are soaring—Ford is expected to announce it will lay off 20,000 employees, which is about 10% of its global workforce. Of Ford’s 200,000 employees, half of them (more…)
American jobs are not even safe at the country’s largest banking institutions. Wells Fargo & Co announced plans to close 450 branches by the end of 2018—50 more than the bank announced earlier this year.
Another City Edges Closer to Defaulting Hartford becomes the latest U.S. city to face bankruptcy, as municipal defaulting is becoming more common.
An increasingly large number of U.S. cities and states are facing a looming crisis after a funding hold in public pension systems soared by $432.0 billion. This is raising fears that some of America’s biggest cities and most populous states could face a Detroit-style bankruptcy.