Binder & Binder to Lay Off 190 Employees
Two major sets of employee cuts are set to hit the New York area. Binder & Binder layoffs will number 190 as it shutters two offices. While the Sterling Bancorp (NYSE:STL) New York City layoffs are going to hit around 200 as it completes its merger with Astoria Financial Corp (NYSE:AF).
The Binder & Binder layoffs add to the recent spate of New York City layoffs, as the business will shed 100 employees from its Hauppauge, Long Island headquarters and 90 workers from its Long Island City, Queens location.
Binder & Binder was founded in 1975, formed by Social Security Disability advocates. The company filed for bankruptcy after accruing about $50.0 million in debt. In October 2016, the company completed its Chapter 11 bankruptcy reorganization.
Sterling Bancorp to Lay Off About 200 Employees After Merger with Astoria Financial Corp
The Binder & Binder layoffs are not the only ones to hit the New York City area of late.
Sterling Bancorp, a bank holding company, will be cutting roughly 200 jobs as it completes its merger with Astoria Financial. The jobs will be cut from Astoria Financial’s staff from its Long Island location.
“As previously announced, the integration of the two companies is expected to generate approximately $100 million in annual cost savings,” Linda Dunbar, spokeswoman at Sterling, wrote in a statement. “Some of these savings will result from efficiencies in organizational design and staffing including the elimination of redundant positions or positions that no longer align with our strategy going forward.”
The acquisition of Astoria is valued at $2.2 billion.
Other New York City Layoffs in the Recent Past
There has been a spate of layoffs impacting the New York City area in recent months.
People’s United Financial, Inc. (NASDAQ:PBCT) acquired Suffolk County National Bank last month and now plans to close 13 branches on Long Island.
Cereal giant Kellogg Company (NYSE:K) will be shedding almost 280 workers in total across the state, while the Batavia truck station will also be cutting a small number of those 280.
The company has begun cutting many of its trucking workers as it plans to ship directly to grocers. The company has also not had a great 2017, with a $53.0-million fourth-quarter loss and is expecting to close 39 distribution centers and cut around 1,100 workers in total across the country.
The Kellogg layoffs in New York state will take place in Batavia, North Syracuse, Johnson City, and Schenectady.
Davis Vision, Inc., a company that operates eyeglass lens plants in Long Island announced its closures back in May, with 151 workers being shed. The Davis Vision layoffs contribute to an otherwise tough year for New York City, specifically Long Island.
“Binder & Binder To Lay Off 190 Workers In New York,” Town of Morningside Maryland, September 25, 2017.
“Sterling Bancorp to lay off about 200 as it wraps up Astoria buy,” Newsday, September 28, 2017.
“People’s United to close 13 Long Island branches,” Riverhead Local, April 28, 2017.
“New Kellogg’s layoffs total 278 upstate, hit Batavia,” Democrat and Chronicle, May 3, 2017.
“Eyeglasses plant on Long Island will close, 151 to lose jobs,” Fox Business, May 10, 2017.