SWFI Daily Layoffs Briefing, May 21, 2020
Posted on 05/21/2020
Here are more layoffs tied to the economic impact of the Wuhan coronavirus (COVID-19) pandemic.
Engine manufacturer Rolls-Royce seeks to cut some 9,000 jobs globally. Rolls-Royce is based in Derby, England and has around 52,000 employees overall.
Magazine publisher The Atlantic is terminating roughly 20% of staff, 68 people. This is due mostly to the fall of the magazine’s events business. The Atlantic is majority owned by Emerson Collective, the impact investment vehicle owned by Laurene Powell Jobs, the wife of late Apple co-founder Steve Jobs.
On May 19, 2020, brand collective Centric Brands Inc. filed under Chapter 11 at the U.S. Bankruptcy Court for the Southern District of New York in White Plains. The company entered into a restructuring support agreement with “substantially all” of its secured lenders. This lenders include the Blackstone Group, Ares Management Corporation, and HPS Investment Partners. Centric’s own brands include Hudson, Robert Graham, Swims, Zac Posen and Avirex.
According to L Brands, Victoria’s Secret plans to permanently close approximately 250 stores in the U.S. and Canada in 2020.
Pier 1 Imports
Fort Worth, Texas-based Pier 1 Imports to shutter all stores nationwide in bankruptcy.