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US Layoffs 2017 / 2018 – as of January 30, 2018

Toys ‘R’ Us to close a fifth of its stores across U.S.

https://www.bizjournals.com/losangeles/news/2018/01/24/toys-r-us-to-close-a-fifth-of-its-us-stores.html

includes closing around 180 stores. That’s about one in five stores.

The large debts, including roughly $400 million that came due by the end of the year, mostly stem from “a $7.5 billion leveraged buyout in 2005 in which Bain Capital, KKR & Co. and Vornado Realty Trust loaded the company with debt to take it private,” according to Bloomberg.

Now in bankruptcy proceedings after paying massive bonuses of millions of dollars to top execs – didn’t include numbers of employees being laid off, but noted that massive layoffs had occurred early in 2017 as well.

This article listed the bonuses paid out to executives allowed by the bankruptcy court and those made before entering bankruptcy proceedings – despite huge layoffs, store closings and defaulting on some percentage of every debt.

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BIGGEST U.S. LAYOFFS IN 2017: MACY’S, J C PENNEY, HHGREGG TOP LIST, RETAIL JOB CUTS DOMINATE

https://americaclosed.com/biggest-us-layoffs-in-2017/

Macy’s alone is responsible for more than 10,000 job cuts as the company finds itself displaced by online shopping. The Macy’s layoffs are coupled with massive Macy’s store closures, with 68 shuttering in 2017.

J C Penney has also become the victim of poor sales and has therefore added to the growing number of retail layoffs.

The company cut about 5,000 jobs and shuttered 138 stores across the U.S

HHGREGG FILES FOR BANKRUPTCY, CUTS 5,000 WORKERS NATIONWIDE AND CLOSES ALL STORES

STATE FARM TO CLOSE 11 OFFICES, MORE THAN 4,000 FACE JOB LOSS, DISPLACEMENT

L Brands Inc (NYSE:LB), owner of women’s apparel chain The Limited, shut down all of its 250 stores across the U.S. and slashing 4,000 jobs.

The Wet Seal closing will encompass the remaining 171 stores after it a had closed two-thirds of its locations and laid off 3,700 workers two years ago as it filed for Chapter 11 bankruptcy protection. The company is now defunct, with 3,000 workers without jobs.

Lowe’s Companies, Inc. (NYSE:LOW) found itself having to cut 2,400 workers as it struggles to keep up with the leader in the market,

HERSHEY LAYS OFF 2,700 AS A PART OF 2017 RESTRUCTURING PROGRAM

One of the largest mass U.S. IT layoffs in 2017, the 5,000 cuts coming out of HP amount to about 10% of the company’s total staff.

Eli Lilly and Co (NYSE:LLY) will be shedding 2,000 jobs in the U.S. as it seeks to save about $500.0 million annually.

Lots more great information in this article – worth reading. Explains why they had to layoff in these companies. Looking for numbers right now.

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AT&T LAYOFFS IN 2018 TO TAKE PLACE ACROSS MISSOURI, MICHIGAN, & 4 MORE STATES

https://americaclosed.com/att-layoffs-2018-missouri-michigan/

The telecom layoffs at AT&T are also hardly the only ones to be announced this year, with other telecommunication giants looking to make cuts in the new year.

About 332 people will be cut in the AT&T layoffs in 2018. About 245 will be cut from Michigan.

AT&T Layoffs in 2017: Hundreds of Job Cuts at Call Centers

The AT&T layoffs in 2018 follow hundreds of cuts made to the workforce this year.

In January 2018, Verizon Communications Inc. (NYSE:VZ) is planning to cut 190 employees at its Santa Clara, California office. These cuts are on top of the already 155 employees shed throughout 2017.

Includes exact numbers of job layoffs by state made by AT&T.

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Kimberly-Clark Announces Layoffs, Along With $3.3 Billion In Operating Profit

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Trump Promised to Protect Steel. Layoffs Are Coming Instead.

In September, ArcelorMittal, which owns the mill, announced that it would lay off 150 of the plant’s 207 workers next year.
Foreign steel makers have rushed to get their product into the United States before tariffs start. According to the American Iron and Steel Institute, which tracks shipments, steel imports were 19.4 percent higher in the first 10 months of 2017 than in the same period last year.
In 2008, before the financial crisis struck, the plant ran around the clock. Now, the mill coughs to life just five days a week, for eight hours at a time.
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Toys ‘R’ Us Has Laid Off Up To 15% Of HQ Employees

FEB 20, 2017

https://www.forbes.com/sites/tompopomaronis/2017/02/20/retail-under-fire-toys-r-us-has-laid-off-up-to-15-of-hq-employees/#7fa9b9125e2e

 This Friday, the company announced they had laid off between 10-15% of their home office employees out of Wayne, New Jersey — approximately 250 jobs were eliminated.

Toys “R” Us has been struggling financially for some time. In 2005, investors led by KKR & Co., Bain Capital and Vornado Realty Trust bought out the company for $6.6 billion. In 2016, the business refinanced its remaining $850 million debt load, allowing investors holding bonds maturing in 2017 and 2018 to swap their holdings for those maturing in 2021.

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Harley-Davidson closing Kansas City plant as motorcycle sales fall

Jan. 30, 2018

https://www.usatoday.com/story/money/cars/2018/01/30/harley-davidson-kansas-city-plant-motorcycle-sales-fall/1078008001/

The Milwaukee-based company said its net income fell 82% in its fiscal fourth quarter to $8.3 million, compared with a year earlier. Earnings per share were 5 cents, down from 27 cents a year earlier. Revenue was $1.23 billion, up from $1.11 billion.

The earnings drop came in part because of a charge associated with President Trump’s tax cut and a $29.4 million charge for a voluntary product recall.

Harley-Davidson worldwide retail motorcycle sales fell 6.7% in 2017 compared to 2016. The company’s U.S. sales fell 8.5% and international sales were down 3.9%.

The company’s manufacturing consolidation includes plans to shift production from Kansas City, Mo. into its plant in York, Pa. About 800 jobs in Kansas City will be cut.

Harley’s foreign competitors have benefited from a strong U.S. dollar, as their overseas operations have made it more profitable to sell bikes in the U.S. at lower prices.

In some cases, Diedrich said, prices of Japanese motorcycles have come down 25% and discounts ranged up to $3,000 per bike.

Lots more in this article including what is expected to happen with other plants.

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What’s Happening to U.S. Companies? A Look at 2017’s Mass Layoffs

https://moneymorning.com/2017/01/13/whats-happening-to-u-s-companies-a-look-at-2017s-mass-layoffs/

Mass Layoffs in 2017 No. 2, Sears Holdings Corp. (Nasdaq: SHLD): After reporting dismal sales earnings, Sears announced on Jan. 6 it expects to shutter 180 stores by April – 108 Kmart locations and 42 Sears stores.

Mass Layoffs in 2017 No. 3, Wal-Mart Stores Inc. (NYSE: WMT): The “everyday low-price” store will be slashing over 1,000 jobs in January, as reported by USA Today on Jan. 11.

Mass Layoffs in 2017 No. 5, General Motors Co. (NYSE: GM): The car manufacturer told Fortune that it would be shutting down five of its plants in 2017 – eliminating some 1,300 jobs – primarily to cut oversupply of sedans, which have fallen out of favor among U.S. consumers.

These cuts are in addition to the 2,000 workers GM announced would be let go in November 2016, also to take place in January.

Mass Layoffs in 2017 No. 6, Pandora Media Inc. (NYSE: P):  Today (Jan. 13) Pandora announced that it would be eliminating 7% of its workforce in a move to save nearly $40 million in operating costs. The music-streaming company had 2,219 employees as of Dec. 31, according to Benchmark Monitor.

Mass Layoffs in 2017 No. 7, Fitbit Inc. (NYSE: FIT): The wearable fitness tracker company announced in a press release on Jan. 30 it would be slashing 6% of its workforce, or 110 employees,

(and Hershey’s, Lowe’s, etc. mentioned elsewhere in this blog post.)

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General Electric to cut 12,000 jobs in power business revamp

Reuters

https://www.cnbc.com/2017/12/07/ge-announces-12000-job-cuts-at-ge-power.html

General Electric announced on Thursday it was axing 12,000 jobs at its global power business as the struggling industrial conglomerate responds to dwindling demand for fossil fuel power plants.

Demand for new thermal power plants dramatically dropped in all rich countries, GE said, while traditional utility customers have reduced their investments due to market deterioration and uncertainty about future climate policy measures.

Hardly any new power station projects had been commissioned in Germany in recent years, GE said. Heightened Asian competition had also increased price pressures.

GE rival Siemens is cutting about 6,900 jobs, or close to 2 percent of its global workforce, mainly at its power and gas division, which has been hit by the rapid growth of renewables.

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Technology Layoffs Company List

https://www.channele2e.com/layoffs/

HP – 3,000 to 4,000

IBM – 10,000

(2017)

Cisco – 6,900

Cognizant – 2,600 to 5,200

Ericsson – 25,000

HP – 5,000

Lexmark – 700

McAfee –  less than 10%

Microsoft – 700

Oracle – 2,000

Rackspace – 6%

Ricoh – 5%

And others)(

https://www.channele2e.com/layoffs/

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CHK Norfolk/Southern

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Union Pacific to layoff 750 U.S. employees amid broader cost-cutting

AUGUST 16, 2017

Reuters

https://www.reuters.com/article/us-union-pacific-cuts/union-pacific-to-layoff-750-u-s-employees-amid-broader-cost-cutting-idUSKCN1AW2QW

(Reuters) – Union Pacific Corp (UNP.N) said on Wednesday it will cut roughly 500 management jobs and 250 railroad workers by mid-September as the No. 1 U.S. railroad continues broader cost-cutting.

The layoffs come as Union Pacific, like other major U.S. railroads, saw a resurgence in coal volumes this year but has been hit over the past two years by precipitous declines as utilities switched to burning cheaper natural gas and the strong U.S. dollar hurt coal exports.

(*(

SEOUL (Reuters) – When South Korea’s Samsung Electronics and LG Electronics last year announced plans to build home appliance factories in the United States, they hoped to sidestep any fallout from President Donald Trump’s “America First” manufacturing and jobs mantra.

Last week’s decision by the U.S. government to impose tariffs of up to 50 percent on imports of washing machines and key components showed that wasn’t to be.

The inclusion of hefty tariffs on components in particular had moved the goal posts in a long-running trade dispute, upending supply chains and threatening investment across other industries, officials from the companies and the South Korean government said.

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Carrier plans final layoffs at plant Trump vowed to protect: report

11/09/17

http://thehill.com/homenews/administration/359545-carrier-plans-more-layoffs-at-plant-trump-struck-deal-with-report

More than 200 employees will lose their jobs in January, Fox News reported.

Earlier this year, the air conditioning company laid off 300 workers at the Indianapolis factory.

“This week, approximately 300 employees will leave Carrier as part of the previously announced plan to relocate fan coil manufacturing production lines,” Carrier said in a statement in July.

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Chevron announces employee layoffs

Oct 18, 2017

http://www.kerngoldenempire.com/news/chevron-announces-employee-layoffs/839453667

BAKERSFIELD, Calif. – On Wednesday, Chevron announced to employees with the San Joaquin Valley Business Unit that it will implement a 26% reduction in the unit, applying across all field and office locations.

The layoffs, expected to take place in 2018, will affect locations in Kern, Fresno and Monterey Counties.

(Didn’t give numbers)

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More Layoffs Hit National Geographic

Another wave of reductions since Fox bought the media properties.

National Geographic Partners laid off people at its media properties Tuesday.
National Geographic Partners has laid off a good number of people since 21st Century Fox bought the National Geographic Society’s media properties in 2015. In November 2015 it announced plans to lay off about 180 people, and other layoffs have followed in less eyebrow-raising numbers.
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Lack of satellite orders triggers layoffs at Space Systems Loral

by  — 

WASHINGTON — Citing a long-term drought in satellite orders, Space Systems Loral has laid off a number of employees at its California satellite manufacturing facility, the company confirmed June 22.

In a statement to SpaceNews, SSL President John Celli said an “extended slowdown” in orders for geostationary orbit communications satellites led the company to this round of layoffs.

Company spokesperson Wendy Lewis said SSL was not disclosing the number of people laid off. A source familiar with the layoffs said about eight percent of the company’s workforce was affected, which would be on the order of 200 employees.

Other satellite manufacturers have also reported weak demand for commercial GEO satellites. “Last year, there were 14 new geosynchronous satellites purchased,” Dave Thompson, president and chief executive of Orbital ATK, said in a May 11 earnings call about the company’s quarterly financial results. “And at this point, my crystal ball for 2017 is somewhere in the 12 to 14 satellites, so not better than last year.” He added he hoped for a rebound in orders in 2018 or 2019.

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As U.S. military budget soars, Boeing workers face layoffs

http://www.philly.com/philly/blogs/inq-phillydeals/As-US-military-budget-soars-Boeing-chopper-workers-wait-for-deals.html

Even with an extra $52 billion for the world’s largest military in President Trump’s new budget — or the $60 billion Sen. John McCain, R-Ariz., is lobbying for — workers at Boeing Corp.’s war helicopter factory and division headquarters in Ridley Park, Delaware County aren’t sure they’ll all still be on the job next year.

“We’re hoping we get some money for the V-22 (Osprey) and the Chinook, our products here. But right now we’re in a little bit of a downturn,” said Mike Tolassi, president of United Aerospace Workers Local 1069, which represents around 1,370 of Boeing’s 4,500 workers at the complex, the largest industrial plant in the Philadelphia area.

“This past year we’ve been experiencing layoffs. I believe we’re gonna have another in April,” Tolassi added.

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Teva Pharmaceutical set for major layoffs in Israel, U.S.: report

NOVEMBER 23, 2017

https://www.reuters.com/article/teva-pharm-ind-redundancies/teva-pharmaceutical-set-for-major-layoffs-in-israel-u-s-report

Reuters

TEL AVIV (Reuters) – Teva Pharmaceutical Industries is expected to cut 20-25 percent of its workforce in Israel, where it employs 6,860 people, and a few thousand more jobs are to go in the United States, financial news website Calcalist said on Thursday.

The world’s largest generic drugmaker will send termination letters to “tens of percents” of its 10,000 employees in the United States in coming weeks, Calcalist said, citing people familiar with the matter.
Teva’s new Chief Executive Kare Schultz is working out the details with regional management in Israel and the United States, Calcalist said, adding that those set to be ousted include its chief scientific officer and president of research and development, Michael Hayden.
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Cisco Systems announces 1,100 more layoffs

May 18, 2017

https://phys.org/news/2017-05-cisco-layoffs.html

Cisco Systems Inc. said Wednesday that it is laying off 1,100 more workers, deepening job losses at the internet gear maker battling declining revenue.

Read more at: https://phys.org/news/2017-05-cisco-layoffs.html#jCp

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A tsunami of store closings is about to hit the US — and it’s expected to eclipse the retail carnage of 2017

http://www.businessinsider.com/store-closures-in-2018-will-eclipse-2017-2018-1

  • More than 12,000 stores are expected to close in 2018 — up from roughly 9,000 in 2017, according to Cushman & Wakefield.
  • Among the companies most likely to file for bankruptcy within the next year are Sears, Bon-Ton Stores, Bebe Stores, Destination Maternity Corp., and Stein Mart.

2017 was a record year for both store closings and retail bankruptcies. Dozens of retailers including Macy’s, Sears, and J.C. Penney shuttered an estimated 9,000 stores — far exceeding recessionary levels — and 50 chains filed for bankruptcy.

But there’s still a glut of retail space in the US, and the fallout is far from over.

The number of store closings in the US is expected to jump at least 33% to more than 12,000 in 2018, and another 25 major retailers could file for bankruptcy, according to estimates by the commercial real estate firm Cushman & Wakefield.

Nearly two dozen major chains including Walgreens, Gap, and Gymboree have already announced plans to close more than 3,600 stores this year.

When combined with last year’s record-high store closings, an even higher rate of closings in 2018 would push hundreds of low-performing shopping malls to the brink of death.

The commercial real estate firm CoStar has estimated that nearly a quarter of malls in the US, or roughly 310 of the nation’s 1,300 shopping malls, are at high risk of losing an anchor tenant.

That’s because the malls don’t only lose the income and shopper traffic from that store’s business; such closings often trigger clauses that allow the remaining mall tenants to exercise their right to terminate their leases or renegotiate the terms, typically with a period of lower rents, until another retailer moves into the vacant anchor space.

Simon Property Group, one of the biggest mall operators in the US, sued Starbucks this year after the coffee chain said it planned to close all 379 stores in its Teavana chain, 77 of which are located in Simon Property Group malls.

The mall owner demanded that Starbucks keep running the tea shops located in its malls, arguing in part that their closing would reduce traffic to surrounding stores.

A judge ruled in Simon Property Group’s favor in December and ordered Starbucks to keep operating the Teavana stores in question.

Whole Foods was also recently sued for closing a Seattle-area store, with the owners of the property fighting the company for breaking its long-term lease.

A judge has since ordered Whole Foods to reopen the store, which the grocer had closed in October.

There are also plenty of retailers, mostly discounters, that are growing their physical assets while others shrink.

Dollar General, Dollar Tree, Lidl, Aldi, Ross Stores, and TJ Maxx are planning to open hundreds of new stores next year.

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Chevron announces first set of layoffs will occur in January; employees notified today

Nov 30, 2017

http://www.kerngoldenempire.com/news/chevron-announces-first-set-of-layoffs-will-occur-in-january-employees-notified-today/871072312

The reduction applies across all SJVBU field and office locations, including the field and office locations in Kern County, Fresno County and Monterey County, the company said.  The position reductions will occur in a phased approach between now and the end of 2018.

It is estimated that approximately 300 employee positions across the three counties in which SJVBU operates will be eliminated over the course of 2018 as part of this reorganization.

On Thursday, 100 employees of Chevron will be notified of their termination. However, these positions will not be eliminated until January 2018, the company said.

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UPDATE: Third round of layoffs for ESPN in November

The next round of cutbacks could come down in late November or early December, with 40-60 positions potentially being impacted, according to sources. The layoffs could hit both on-air TV/radio talent and behind-the-scenes production staffers.

Another source expects the flagship “SportsCenter” franchise to lose people in front of and behind the camera. “I see (ESPN) going down a path where they have less staff — and hire more production companies to provide programs and fill air time.”

Through Week 7 of the 2017 season, ESPN’s “Monday Night Football” was the lone NFL TV package up in ratings, according to Austin Karp of SportsBusiness Daily. In September, ESPN’s “First Take” with Stephen A. Smith, Max Kellerman and Molly Qerim tripled the TV audience of FS1’s rival “Undisputed” with Skip Bayless, Shannon Sharpe and Joy Taylor (461,000 vs. 150,000 average viewers). With 96.9 million digital users, ESPN had five times as many unique viewers in September as Fox Sports.

But ESPN is struggling from the triple-whammy of a shrinking subscriber base, expensive billion-dollar TV rights for the NFL, NBA and other sports, and bloated talent costs. The network pays $1.9 billion annually for “Monday Night Football” and another $1.4 billion for the NBA. Don’t forget ESPN is still paying millions of dollars in severance costs to many of the 100 anchors/reporters laid off in late April.

Despite promising Madison Avenue at its upfront presentation that Mike Greenberg’s new solo morning show would debut Jan. 1, ESPN has pushed back the start date to the spring because of construction delays at its expensive new studios at South Street Seaport in Manhattan.

The ESPN workforce in Bristol, Conn., and around the country is still recovering from the layoff of 100 colleagues in late April. Unlike the previous downsizing of 300 behind-the-scenes producers, directors and staffers in October 2015, this year’s layoffs took out high-salaried TV talent and reporters, many with multi-year contracts. Many are still looking for their next gig.

http://www.sportingnews.com/other-sports/news/espn-layoffs-latest-news-rumors-firings-mike-greenberg-golic-scott-van-pelt-svp-jemele-hill/1js74yxvu7l0wz8g26kdwl7nd

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These 10 Major Retailers Might Not Exist in 2018

April 24, 2017

http://time.com/money/4752645/retail-stores-closing-declare-bankruptcy/

Retailers in the United States are filing for bankruptcy at a record pace.

Already this year, 14 retailers have declared bankruptcy, including the companies behind Payless, The Limited, and BCBG. That’s not far from 18, the total number of retailers that declared bankruptcy in 2016, according to insights from S&P Global Market Intelligence released last week.

Just days after S&P’s report was released, Bebe, which sells women’s clothing, announced plans to close all 168 of its stores. It is unclear if the company will sell clothes online despite the store closures, but S&P predicts the company has a high chance of filing for bankruptcy.

Here’s S&P’s full list, including the likelihood the companies will default in the next year:

  1. Sears Holdings Corp. (Sears and KMart)
    Probability of Default: 23.84%
  2. DGSE Companies Inc. (Dallas Gold and Silver Exchange)
    Probability of Default: 14.87%
  3. Appliance Recycling Centers of America Inc. (Appliance recycling service company)
    Probability of Default: 11.96%
  4. The Bon-Ton Stores Inc. (Bon-Ton, a department store chain)
    Probability of Default: 10.48%
  5. Bebe Stores Inc. (Bebe)
    Probability of Default: 10.06%
  6. Destination XL Group Inc. (Big & Tall Men’s Apparel)
    Probability of Default: 8.08%
  7. Perfumania Holdings Inc. (Perfumania.com)
    Probability of Default: 7.24%
  8. Fenix Parts Inc. (Automotive parts recycler)
    Probability of Default: 6.98%
  9. Tailored Brands Inc. (Men’s Wearhouse, Moores, Joseph Abboud)
    Probability of Default: 6.8%
  10. Sears Hometown and Outlet Stores Inc. (Sears Hometown and Outlet)
    Probability of Default: 6.11%

http://time.com/money/4752645/retail-stores-closing-declare-bankruptcy/

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39 J Crew Stores Closing By January 2018’s End

https://investorplace.com/2017/11/j-crew-stores-closing-in-january-2018/#.WnFc1qinGM8

J Crew is closing 50 stores in 2017

A number of J Crew stores closing by the end of January 2018 won’t make for happy holidays with those employees.

The J Crew stores closing news comes along with a poor third quarter for the retail company. This includes revenue for the period dropping 5% to $566.70 million. Comparable store sales for the quarter were also down 9%, which follows an 8% decline from the same time last year.

The company notes that the third quarter was particularly bad at its J Crew locations. This division saw sales in the quarter drop by 12% to $430.40 million. Comparable store sales were also down 12% after a 9% decrease in the third quarter of 2016.

J Crew also operates the Madewell brand of women’s clothing stores. This segment of its business actually performed well in the third quarter with revenue increasing 22% to $107.50 million. Its comparable stores sales for the third quarter of the year were also up 13% following a 4% increase during the same time last year.

https://investorplace.com/2017/11/j-crew-stores-closing-in-january-2018/#.WnFc1qinGM8

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25 Biggest Layoffs in the Last Year

http://247wallst.com/special-report/2018/01/10/25-biggest-layoffs-in-the-last-year/

Regardless of the industry, the two main reasons businesses laid off large numbers of employees were companies shutting down or making cost cuts.

Among the companies paring workforces last year were some of the great names in American business — Westinghouse, General Electric, Macy’s, and Hershey.

The public sector also implemented cost cuts that resulted in layoffs in education and government. Private defense contractors such as Boeing trimmed jobs in 2017.

24/7 Wall St. used data provided by Challenger, Gray & Christmas to compile a list of the 25 biggest layoff announcements in 2017. Challenger, Gray & Christmas’ sources for layoff announcements included filings with the Securities and Exchange Commission, WARN notices (Worker Adjustment and Retraining Notification Act), company press releases, and media reports.

These are the 25 employers who trimmed payrolls the most in 2017.

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CHESAPEAKE ENERGY LAYOFFS: 400 JOB CUTS, 330 IN OKLAHOMA CITY, DUE TO $9.9-BILLION DEBT

https://americaclosed.com/chesapeake-energy-layoffs-400-job-cuts-330-oklahoma-city-due-9-9-billion-debt/

The Chesapeake Energy job cuts are going to affect workers primarily in Oklahoma City. Of the 400 Chesapeake Energy layoffs, 330 of those cuts will come out of the Oklahoma City workforce.

“Over the last couple years, we have divested approximately 25% of our wells, primarily from non-core areas, as a key part of our strategy to reduce debt, enhance margins, and work within our cash flow.

Chesapeake Energy Stock Fell Nearly 44%, Debt Rises to $9.9 Billion in 3Q17

The recent quarterly result for the third quarter of 2017 showed a company that is taking on an increasing amount of debt, with the total amount having jumped to $9.9 billion in the quarter, compared to $9.7 billion the year before.

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Updated: Banks Closed Record Amount of Branches in 2017

Increased Technology Spending Accelerating Pace of Closures
January 24, 2018
 U.S. banks accelerated their pace of branch consolidation last year, closing a net 2,069 locations, an 18% increase over the net number closed in 2016.

That pace of closures could speed up even more in 2018 as a number of bank holding companies reported plans to deploy a significant portion of expected savings from tax reform legislation enacted last month into increased spending on technology, expected to support increasing reliance on digital and mobile technology by bank customers to conduct more of their banking activity.

Wells Fargo & Co. (NYSE:WFC) is the poster child of the movement. It closed a net of 194 branches last year – the highest among all U.S. banks — and it expects to close 250 branches or more in 2018, plus as many as 500 in each 2019 and 2020.

Banks closing the most branch locations (net) in 2017

  • Wells Fargo Bank, 194 (net closures)
  • JPMorgan Chase Bank, 137
  • The Huntington National Bank, 134
  • First-Citizens Bank & Trust Co., 127
  • Bank of America, 119
  • SunTrust Bank, 119
  • KeyBank, 112
  • PNC Bank, 109
  • Branch Banking and Trust Co. (BB&T), 92
  • Capital One, 73
JPMorgan Chase this week announced that it intends to expand its branch network into new U.S. markets, opening up to 400 new branches over the next five years. These new branches will directly employ about 3,000 people.
Still, JPMorgan Chase like other major national and regional banking companies, has been consolidating branches. Last year they closed 137 more branches than they opened. And since 2008, they’ve closed 1,467 branches and opened 1,251.
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CSX LAYOFFS IN 2018: ABOUT 2,000 JOB CUTS EXPECTED AS PART OF COST-CUTTING MEASURES

In 2017, CSX railroad cuts amount to over 4,000 jobs and idled hundreds of locomotives, and now, CSX layoffs for 2018 are expected to involve an additional 2,000 employees.

Jacksonville, Florida-based CSX Corporation is one of the county’s leading transportation suppliers. The rail company operates more than 21,000 miles of track in 23 Eastern states and two Canadian provinces.

CSX’s cost-cutting measures led to the company laying off nearly 3,000 employees in 2017 and 1,000 external contractors and consultants.

CSX’s layoffs for 2017 began in February, when it announced it was cutting 1,000 management positions, most of which were in Jacksonville. Later, CSX announced it was continuing its streamlining efforts by laying off another 1,300 employees across all 23 states where it operates.

Despite laying off 2,300 people and taking nearly 900 locomotives and 60,000 freight cars out of service, it wasn’t enough.

In July, CEO Hunter Harrison announced even more layoffs were on the horizon. According to company spokesperson Rob Doolittle, as many as 700 were expected to be out of work. This raised the number of layoffs in 2017 to around 3,000.

CSX is eliminating the infrastructure it doesn’t need and consolidating operations. That includes shutting down most of the railroad’s 12 railyards.
In fiscal 2017, CSX reported revenue of $11.4 billion, a three percent increase over the $11.0 billion recorded in fiscal 2016. Full-year 2017 net income was $5.4 billion, or $5.99 per share. In 2016, CSX reported net income of $1.7 billion, or $1.81 per share. Adjusted for the impacts of the new tax law and the company’s restructuring charge, adjusted earnings per share were $2.30.
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hvsq42017

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chapter15filings2006-17

https://www.abi.org/newsroom/chart-of-the-day/chapter-15-filings-2006-17

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