Summary

This document provides news and information about abrupt business closures and layoffs in 2024.

We are witnessing some examples of layoffs where the employees are not told in advance and only find out when they arrive at work to find the doors locked.

News of layoffs are typically reported by local independent news sources since the impact on the local economy is considered a local news story. So, these stories typically don’t get reported by larger national news outlets.

Fake Job Listings

People recently unemployed, applying for jobs, may discover many job listings are fake. About 40% of companies have admitted creating fake job postings. This seems to be a way to engage in data mining — gathering name, address, contact information, residence, and job history information on millions of people. This data can be valuable for use or sale. Unfortunately, it’s discouraging to applicants who don’t know the postings are fake, so think they just aren’t employable. [Source: CBS News]

Sampling of Layoffs

In the first few weeks of 2024, nearly 25,000 tech workers were laid off. [Source: NPR]

Here are some specific examples of layoffs in 2024 for a variety of sectors:

• In January, Google announced their 5th round of layoffs since September 2023. It was announced that 700 people would be let go in March. [Source]
• In August, nearly two dozen Subway stores closed, in some locations no notice was given to employees and they have yet to receive their final paychecks. [Source]
• Two weeks ago, Starbucks closed their popular Pike Place Market store in Seattle without any advanced notice. Employees found out when they showed up for work and the doors were locked, product signs were removed from windows and the windows were blacked out. [Source]
• A few weeks ago, a health clinic in Minnesota provided only a few hours notice of a closure, despite workers having a contract guaranteeing a 30-day notice. [Source]
• Three months ago, 400 salaried workers in at Stellantis in Detroit were laid off with little advance notice. [Source]
• About four months ago, it was reported that 14,000 employees were laid off from Tesla. Employees learned of these terminations when they arrived at work to clock-in, and their ID badges were rejected. An email followed an hour later. [Source]
• In April, Apple laid off more than 600 workers in California. [Source]

News

Below are some news reports with details about layoffs this year. Entries are listed chronologically with the most recent at the top.

CNBC (29 Sep 2024)

“Where Are Laid Off Tech Employees Going?” — CNBC explores challenges currently facing U.S. tech workers, including mass layoffs, widespread cuts in company budgets, and threats of deportation for H-1B visa holders. “The layoffs to the start of 2024 signal a dramatic shift in the tech industry,” said Jeff Shulman, professor at the University of Washington’s Foster School of Business. The number of tech sector layoffs in 2024 has been outpacing the number of terminations in 2023. So far, about 42,324 tech employees were let go in 2024, according to Layoffs.fyi, which tracks layoffs in the tech industry. While layoffs have put stress on the workforce, a booming artificial intelligence market is giving the industry a renewed sense of optimism. Generative AI startup deals announced or finalized in the first quarter of this year totaled more than $12 billion compared to about $4.5 billion invested in the space last year, according to PitchBook. On July 16, 2023, Canada opened visa applications for a pilot program that would allow up to 10,000 H-1B visa holders in the United States to apply for a three-year open-work permit in Canada. H-1B holders are highly educated and specialized foreign workers that work in fields such as tech. After massive layoffs in the tech industry, this was a lifeline for H-1B holders who needed to find a new job or face deportation. [Source]

Reuters (11 Sep 2024)

“Samsung plans sweeping global job cuts, sources say” — Samsung Electronics, the world’s top maker of smartphones, TVs and memory chips, is cutting up to 30% of its overseas staff at some divisions, three sources with direct knowledge of the matter told Reuters. [Source]

NBC Bay Area (20 Aug 2024)

“Is tech in trouble? Checking in on the industry as more layoffs are announced” — Layoffs are once again mounting in the tech industry. Scott Budman reports. [Source]

Reuters (19 Aug 2024)

“GM lays off over 1,000 salaried employees” — General Motors is laying off more than 1,000 employees worldwide. The automaker confirmed the cuts consisted of salaried employees at its software and services unit. [Source]

KPTV (16 Aug 2024)

“Local Subway employees blindsided by sudden closures, left without final paychecks” — Nearly two dozen Subway locations from Vancouver to Bend have experienced unexpected closures. [Source]

CBS (12 Aug 2024)

“Iowa pork plant closure leaves quarter of town without work” — What happens when the factory in a factory town shuts down? Dave Malkoff goes to Perry, Iowa, to speak to workers grappling with the closure of the local Tyson plant. [Source]

Bloomberg (9 Aug 2024)

“Cisco to Lay Off Thousands of More Workers, Reuters Reports” — Cisco will cut thousands of jobs in a second round of layoffs this year, Reuters reports, citing sources. This comes as more than 126,000 tech employees have been laid off so far in 2024, with companies increasingly citing AI as a reason for these job cuts. Roger Lee, creator of the Layoffs.fyi platform dedicated to tracking tech layoffs since the Covid pandemic began. [Source]

WCCO (2 Aug 2024)

“Rainbow Health workers voice frustrations over abrupt closing” — Three weeks ago, Rainbow Health in Minneapolis abruptly closed, leaving thousands of LGBTQ+ Minnesotans in limbo. Workers say they found out about the clinic closing just hours before it was announced. [Source]

KOMO (2 Aug 2024)

“Starbucks abruptly closes popular 1st and Pike store near Pike Place Market” — During Seattle’s busiest tourism season, coffee giant Starbucks abruptly closed the doors to its 1st and Pike location. Just blocks away from the Pike Place Market, this Starbucks location is jam-packed. Starbucks would not confirm why they closed the store but said it was temporary despite any plans to re-open the storefront. Starbucks spokesperson Sam Jefferies would not confirm if the closure was due to safety concerns. Thursday afternoon, the Starbucks signs had been removed, and the windows were covered. The 1st and Pike closure comes just weeks after Starbucks announced they would permanently close its Alki location. [Source]

Rivian (27 Jun 2024)

“2024 Investor Day” — Watch Rivian’s 2024 Investor Day featuring updates from Rivian’s leadership on the company’s progress to date and focus on key priorities. A webcast of the event will be available here for one year following the event. [Source]

WDIV (22 Apr 2024)

“Stellantis lays off 400 salaried workers in Metro Detroit” — Jeep maker Stellantis is laying off about 400 white-collar workers in the U.S. as it deals with the transition from combustion engines to electric vehicles. [Source]

KCEN (15 Apr 2024)

“‘I have bills, I have a life’ | Tesla workers left shocked after sudden layoffs at Austin factory” — Approximately 14,000 jobs are on the line. [Source]

KTVU (5 Apr 2024)

“Apple lays off more than 600 workers in California in 1st major round of post-pandemic cuts” — Apple is laying off more than 600 workers in California, marking the company’s first big wave of post-pandemic job cuts amid a broader wave of tech industry consolidation. [Source]

CNBC (23 Feb 2024)

“Why Widespread Tech Layoffs Keep Happening Despite A Strong U.S. Economy” — The number of tech sector layoffs in 2024 has been outpacing the number of terminations in 2023. So far, about 42,324 tech employees were let go in 2024, according to Layoffs.fyi, which tracks layoffs in the tech industry. That averages out to more than 780 layoffs each day in 2024. In 2023, nearly 263,000 tech employees got laid off, averaging about 720 firings each day that year. [Source]

BreakThrough (6 Feb 2024)

“Google Union Protests Purge of 12,000 Workers” — Google laid off 12,000 employees last week saying it couldn’t afford these workers. The only problem? Google made nearly $14 billion in profit last quarter. BT’s Kei Pritsker attended a protest by the Alphabet Workers Union, who are taking on one of the world’s largest corporations. [Source]

CGTN (2 Feb 2024)

“Sudden layoffs amid declining unemployment in U.S.”  — Job gains in the U.S. occurred in professional and business services, health care, retail trade, and social assistance, and the national unemployment rate now sits at 3.7 percent. It’s the longest stretch that rate has been below 4 percent in 50 years. At the same time, there’s been a rash of layoffs lately, particularly in the tech industry. What’s going on? [Source]

CBS (30 Jan 2024)

“Several major U.S. companies announce layoffs, office mandates” — The nation’s unemployment rate is low, but some big companies are laying off workers and requiring people to return to the office. Guy Berger, director of economic research at the Burning Glass Institute, joins CBS News to assess the state of the labor market. [Source]

NPR (28 Jan 2024)

“Nearly 25,000 tech workers were laid off in the first weeks of 2024. Why is that?” — Last year was, by all accounts, a bloodbath for the tech industry, with more than 260,000 jobs vanishing — the worst 12 months for Silicon Valley since the dot-com crash of the early 2000s. [Source]

Yahoo (23 Jan 2024)

“Why the tech sector has suffered massive layoffs” — Tencent’s Riot Games (TCEHY, 0700.HK) announced it will lay off 11% of its staff, about 530 employees. The company joins a list of tech companies that have announced layoffs, bringing the total number to just short of 11,000 in 2024, according to Layoffs.fyi. Layoffs.fyi Creator Roger Lee joins Yahoo Finance to give insight into the recent round of layoffs in the tech sector and what it could mean for the broader labor market. “A lot of the recent layoffs are still about tech companies trying to overcorrect for their overhiring during the pandemic,” Lee says. “Given that the high interest rate environment and the tech downturn have both lasted longer than initially expected, companies like Amazon (AMZN) and Google (GOOG, GOOGL) are finding that maybe they didn’t cut enough people in last year’s large rounds of layoffs so they’re going back to the well and continuing to implement smaller, targeted additional layoffs.” For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. [Source]

KTVU (12 Jan 2024)

“Google announces another round of layoffs” — Google, the search engine tech giant, announced another round of layoffs with more than 700 people being let go. Despite these cuts, tech analysts say other companies are still looking to hire people with tech skills. [Source]

CNBC (2 Aug 2023)

“Where Thousands Of Tech Workers Went After Mass Layoffs” — Tech companies shed more than 386,000 jobs last year and in the first half of this year. And that number is climbing. But while layoffs have taxed workers, a booming artificial intelligence market is giving the industry a renewed sense of optimism. Generative AI startup deals announced or finalized In the first quarter of this year totaled more than $12 billion compared to about $4.5 billion invested in the space last year, according to PitchBook. Amazon, Alphabet and Microsoft have also made significant AI investments. So how have layoffs impacted tech workers and what will the AI boom mean for their future? Watch the video to learn more. [Source]