AM I NEXT? NO LOVE AT ADVANCE AUTO PARTS (11/14/24)

NOVEMBER 14, 2024 — MAJOR LAYOFFS AHEAD

The company has announced plans to close about 523 corporate stores, exit 204 independent locations, and shutter four distribution centers by mid-2025—and lay off an unspecified number of employees due to lower demand for vehicle parts by consumers faced with the complexity of repairing modern vehicles.

From the company’s SEC filing, “On November 13, 2024, the Company’s Board of Directors approved a restructuring and asset optimization plan designed to improve the Company’s profitability and growth potential and streamline its operations. This plan anticipates the closure of approximately 500 stores, approximately 200 independent locations, and four distribution centers by mid-2025, as well as headcount reductions.

NOVEMBER 30, 2023 — Original post…

Raleigh, North Carolina-based Advance Auto Parts, an automotive aftermarket parts provider serving both professionals and do-it-yourself customers, has announced plans to sell two business units, Worldpac's domestic and Canadian businesses, and to undertake an operational realignment and reduction in force.

The reduction will impact 400 headquarters employees.

According to a company statement, “As part of our ongoing strategic and operational review of the business, we have identified opportunities to streamline efforts, improve efficiency, and significantly reduce costs within our organization."

"As a result, we have made the difficult decision to eliminate approximately 400 positions across our organization, including positions based at our Raleigh headquarters, corporate roles based outside of North Carolina, field-based positions located outside of Raleigh, and positions at our office in Hyderabad, India."

"The decision to eliminate even a single role is extremely difficult and we are committed to treating affected individuals with compassion and care by offering transition assistance to those impacted. The actions we are taking will enable us to support a narrowed list of priorities that are focused on the fundamentals of serving our customers and frontline teams. We remain confident that our industry is strong and that the opportunity for Advance to succeed on the road ahead is significant.”

According to the company's recently hired CEO, “Today we are announcing initial actions from our review process that will allow us to capitalize on significant opportunities ahead. Since joining Advance, I have partnered with the board and management team to move with speed in conducting a comprehensive review of the business. We are taking decisive actions to position Advance for long-term success and create meaningful value for our shareholders."

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT NATIONAL SPINNING

Washington, North Carolina-based National Spinning, a supplier of raw white and fiber-dyed short staple and long staple spun yarns, has announced the closure of its spinning plant located in Whiteville, North Carolina.

The closure will impact 110 employees, with the plant closure scheduled for the first quarter of 2024.

According to a company spokesperson, “This decision was made after careful consideration of various factors, including a downturn in business over the past year due to increased imports of textile yarns and finished goods. National Spinning understands the impact this decision may have on our loyal employees, their families, and the local community."

President and CEO Jim Booterbaugh added, "The Whiteville associates have been model employees and friends. I deeply regret the closure, and our management team is appreciative of the service provided by our employees, many of whom have been with the Company for over 20 years. We will do all we can to support affected individuals in finding new employment.”

Booterbaugh says that they have gotten interest from prospective buyers regarding the property purchase and continuing textile manufacturing. That would be fantastic for our employees and a buyer who would inherit an experienced workforce,” Booterbaugh said in an email."

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT NEXTDOOR (05/13/24)

MAY 13, 2024 — 25% REDUCTION IN FORCE

As part of a continuing cost reduction initiative, the company is targeting 25% of the company’s workforce for layoff.

Nextdoor CEO Sarah Friar noted, “This reduction in our team is the hardest decision we have had to make at Nextdoor. While our opportunity and belief in the transformative power of community remains unwavering, and our business is financially strong with a healthy balance sheet, we must follow through on our commitment to our shareholders. This means right-sizing our business and aligning our team and other expenses with our near-term revenue expectations. We expect that these actions will position us to reach quarterly free cash flow breakeven by the end of 2025.”

NOVEMBER 28, 2023 — Original post

San Francisco, California-based Nextdoor, a hyperlocal social networking service for neighborhoods, has announced a major cost reduction initiative that will result in management changes and a reduction in the workforce.

The reduction will impact 200 employees or 25% of the company's workforce.

According to CEO Sarah Friar, “This reduction in our team is the hardest decision we have had to make at Nextdoor. While our opportunity and belief in the transformative power of community remains unwavering, and our business is financially strong with a healthy balance sheet, we must follow through on our commitment to our shareholders. This means right-sizing our business and aligning our team and other expenses with our near-term revenue expectations.”

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?