Popular Retailer Planning Layoffs And Store Closings In New York
In just over a month another major retailer is planning on laying off workers and closing stores in New York State. This news comes on the heels of a few retailers announcing closings, as well.
Two stores will be closing in New York. The parent company filed with the New York Department of Labor, which uses WARN to notify those affected by closings in advance,
The New York State Worker Adjustment and Retraining Notification (WARN) Act requires covered businesses to provide early warnings of closures and layoffs to all affected employees, employee representatives, the Department of Labor, and Local Workforce Development Boards.
TJ Maxx And Marshals Stores To Close In New York
TJX Companies, Inc. filed paperwork with the New York State Department of Labor to announce that it will be laying off employees and closing two stores.
The TJ Maxx Store located at 503 Fulton Street, Brooklyn, NY, 11201 will be closing to the public on January 6, 2024. Approximately 69 employees will be laid off.
The Marshalls Store 1074 located at 610 Exterior Street, Bronx, NY, 10451 will be closing to the public on January 6, 2024. Approximately 100 employees will be laid off.
This could potentially indicate more store closings by the giant retailer around the rest of New York State in 2024. The company also owns HomeGoods.
Express Clothing Stores 'Teetering On Bankruptcy'
Another major retailer is on the verge of filing bankruptcy which can possibly affect New York shoppers. As many malls are facing less traffic and closures around New York State due to people doing more shopping online, certain retailers are feeling the pain also.
According to Retail Dive, Express may not have much life left in it. With so many fast fashion retailers offering great deals online and free shipping, many college-aged and young professional women are ditching malls and opting for online retail therapy.
Express, Inc. is an American Mutli fashion retailer whose portfolio includes Express, Bonobos and UpWest. The Company operates an omnichannel platform as well as physical and online stores. Grounded in a belief that style, quality and value should all be found in one place.
Express was founded in 1980 as Limited Express in Chicago, Illinois. Its headquarters are now located in Columbus, Ohio. Express employs approximately 10,000 people and operates more than 500 brick-and-mortar stores. In 2021, its reported net income was a loss of 14.4 million, according to Wikipedia.
Retail Dive says,
The apparel retailer reported earlier this month that its second-quarter net sales fell 6.4% from last year to $435.3 million. Express reported a $44.1 million loss in Q2 compared to $7 million in net income year over year.
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