Unexpectedly, TechShop closed all 10 of its locations across the U.S. The chain of subscriber-based do-it-yourself (DIY) workshops shuttered its doors on November 8, 2017 after years of mounting operating losses. TechShop said it hadn’t been profitable and was filing for chapter 7 bankruptcy, which entails full liquidation instead of chapter 11, which would involve reorganizing.
University of Massachusetts Boston (UMass Boston) administrators are laying off staff as the university struggles to solve its massive budget deficit. In the first round of layoffs, UMass Boston is jettisoning 43 employees. The public research university is facing a serious budget deficit that could reach $30.0 million this year. The UMass Boston layoffs could (more…)
Board President Toni Preckwinkle at Center of Budget and Soda Tax Debates A battle has been brewing in Illinois over the Cook County sweetened beverage tax, commonly known as the soda tax. The delay of the planned tax has led to Cook County layoffs as the local government struggles to balance its budget.
Fullscreen, Inc. has cut to back on its subscriConcerns Grow About Another Round of Massive Payless Layoffsption video on demand service. After just 18 months, the digital entertainment company announced it will shutter the service in January 2018. Twenty-five people will be laid off.
Metal fabrication company Porter’s Group, LLC filed a Worker Adjustment and Retraining Notification (WARN) report with the North Carolina Department of Commerce, announcing a total of 133 permanent layoffs at its Kings Mountain facility in Cleveland County. The company filed the notice on November 13, but the closure and layoffs were effective November 10.
Technological innovation and displacement means that over a hundred jobs are going to be lost following the AdColony layoffs in 2017, adding to the already hundred-plus people cut from the company earlier in the summer. Due to programmatic advertising—automated, algorithmic, ad-buying practices—the company is looking to make cuts to its sales department. The company is (more…)
General Electric Company (NYSE:GE) CEO John Flannery’s cost-cutting plan has sent shock waves across the investor community. The multinational conglomerate is slashing its dividend in half and GE stock investors are panicking. But that’s only part of Flannery’s great restructuring plan. Another part includes cutting jobs, with the latest round of layoffs hitting GE subsidiary GE (more…)
Marriott International Inc (NASDAQ:MAR) continues to trim its headcount one year after acquiring Stamford, Connecticut-based Starwood Hotels and Resorts Worldwide. Marriott said it plans to lay off 107 Stamford employees in December. The hospitality company said the job cuts are part of the company’s reorganization plans and will continue into 2018. The Marriott announcement is part of (more…)
SSM Health Care Corp said it will be laying off 350 employees, or about one percent of its workforce. The St. Louis-based hospital also said an undisclosed amount of positions will be lost as a result of attrition. The permanent layoffs come following news the Catholic not-for-profit healthcare system needs to trim $200.0 million from (more…)
Amazon Effect May Have Led to Target Closing 12 Stores in 2018 The retail industry has been having a rough go of it in 2017, and that trend looks like it will hold, going into early 2018. Target Corporation (NYSE:TGT) is no stranger to the difficulty that many retail giants have faced in the current economic (more…)