Weekly News Update for November 19, 2017: Retail Hiring Declines; Belk Closes Stores; Pacific Drilling Bankruptcy & More

Retail Hiring Decline
istockphoto.com/RomoloTavani

A lot of industries have been facing the challenges of cost-cutting and reorganization, forcing them to lay people off all through the year.

The year 2017 has been a particularly difficult year for retail, manufacturing, the oil and gas industry, and even the aerospace market, with stores and facilities shutting down and rocket makers failing to secure funding to sustain operations.

Belk, Inc. (OTC:BLKIA), Porter’s Group, LLC, and many others have announced closures of stores and manufacturing plants. A number of big names in the oil and gas industry such as the Pacific Drilling SA (OTCMKTS:PACDF) have also announced layoffs. Even XCOR Aerospace, Inc. is facing challenges to the extent of a chapter 7 bankruptcy.

Read on for the details on our weekly news update.

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Retail Hiring Declines as Industry Continues to Struggle with Amazon Effect

Major retailers are not hiring as many workers as they did last year. Meanwhile, October employment gains in the sector fell to their lowest levels since 2011, according to a recent report and data from the Bureau of Labor Statistics. The retail hiring decline represents another sign of an industry struggling to contend with factors like the “Amazon effect” and online retail more broadly. Continue reading

Belk to Close Stores in West Virginia & Georgia: Joins Target and Kmart in 2018 Store Closures

Belk, Inc. (OTC:BLKIA) announced it is closing two department stores in 2018, including one in West Virginia and the other in Georgia. The Belk layoffs will result in the loss of 183 full- and part-time jobs. Read more here.

Porter’s Group Shutters Kings Mountain Plant, 133 Out of Work

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. More here.

Pacific Drilling Bankruptcy: Houston-Based Oil & Gas Drilling Co. Files for Chapter 11

Houston-based offshore oil and gas drilling company Pacific Drilling has filed for chapter 11 bankruptcy as it looks to restructure its debt. The Pacific Drilling bankruptcy is owed to the oil and gas industry’s ongoing slump. Read their story here.

XCOR Aerospace Bankruptcy: California-Based Rocket Builder Files for Chapter 7

Rocket engine manufacturer XCOR Aerospace has filed for chapter 7 bankruptcy as it exits the aerospace industry for good. The Mojave, California-based company is wrapping up all operations and heading for liquidation. XCOR Aerospace’s bankruptcy underscores the company’s ongoing financial troubles, which were exacerbated after the company failed to attract potential investors. Read about it here.

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