2016 Brings About Layoffs to a Variety of Industries

 
2016 Brings About Layoffs to a Variety of Industries

by Amy Lignor

 

From tobacco to alcohol, with brand names that have incurred huge amounts of cash during their long-term years in business, layoffs have still been announced at a rapid pace in 2016. Even from those companies that have increased their profits.

layoffs, Altria , Anheuser Busch, Golden Age, Walmart, Halliburton, job market, buy-out packagesAltria is one with a very large brand name. Its cornerstone brand, Marlboro, has brought about retail sales that have grown higher for the fourth year in a row. Yet this company plans layoffs in order to lower their costs. This tobacco company, rated number two in revenue behind Philip Morris, said that even though their earnings rose in Q4, it rose one cent less than the analyst consensus, which means it was the first time in six quarters when Altria failed to meet or beat estimates.

Eliminating jobs in order to cut up to $300 million in annual costs (according to The Wall Street Journal), the heads of the company actually declined to say just how many hard workers would be out on the street.

 

Oddly enough, even with all this bad news, others in the market have foreseen a robust renewal of the industry, calling it the “Golden Age” for manufacturers considering global expansion and the rollout of new products, such as electronic cigarettes.

 

When it comes to the alcohol industry, Anheuser Busch has stated that they will cut approximately 3% of its combined workforce after the acquisition of their rival, SABMiller, has come to a close. This layoff and acquisition will have AB apparently hitting its goal to achieve pre-tax savings of $1.4 billion per year within four years after the takeover, by increasing efficiency, sharing best practices and removing overlaps that occur in both corporate and regional headquarters.

 

The tobacco and alcohol industry now join news with others in 2016 that have had to bring about layoffs. Cisco announced various layoffs this year and will bring about even more in industries ranging from oil-and-gas to brick-and-mortar retail stores to technology.

 

Since the oil bust actually began, 195,000 job cuts have been made in the U.S. alone (Challenger, Gray & Christmas). Of those, approximately 95,000 occurred just in 2016, particularly seen in the state of Texas. There were even more layoffs made in just the month of July.

 

The technology industry is truly getting walloped by the almost complete switch to mobile technology, sending the PC area into a massive downward spiral. Add into all this the retail area of the market, and you see Macy’s announcing nearly 44,000 cuts as they close up at least one hundred of their retail stores.

 

Will all of these job cuts occur in 2016? Most likely not, these takeovers and buyouts certainly take time, yet they will happen. From back-office employees to customer service reps, jobs will disappear. And those executives who don’t get laid off will receive buyout packages instead. But with retail sales dropping like a stone also because of online retailers that people now choose to use, Macy’s, among others, may just become extinct.

 

Hancock Fabrics, which first filed for bankruptcy reorganization in 2007 to then re-emerge in 2008, re-filed this year. Now liquidating its 250 stores, the name Hancock Fabrics will actually be erased.

 

Will Microsoft disappear? Of course not, but having failed at its entry into the mobile field, the company has been working hard to restructure. Layoffs have been many over the past two years and hasn’t ceased in 2016.

 

A merger between DuPont and Dow Chemical brings about some issues as well, with DuPont striving to cut annual costs by cutting thousands of employees.

 

Bank of America has witnessed many job cuts. When it comes to employees in its consumer division that were once cut to 68,400, the company stated two months ago that it will continue to drop that number to the low 60’s by year end.

 

Halliburton’s oil and gas employees numbered 80,000 at one time and fell down to 65,000. This year the cuts will bring the headcount down another 15,000 employees before all is said and done.

 

Wal-Mart Stores have over two million employees, so the company’s 17,500 job cut figure perhaps doesn’t seem like much. But the doors will close on 260 stores (154 in the US) during the year 2016, showing that, once again, those brick-and-mortar sores that were so populated at one time are most definitely losing to the online world.

 

Alcohol, tobacco, oil and gas, retail, technology – you name it, the layoffs have continued to rear their ugly heads in 2016. It will be interesting to see exactly what companies “break” into the online success, including what new applications will be placed on these cell phones that no one can seem to put down. And will the new President coming in make 2017 even worse? Who knows? But when it comes to the minds behind Pokémon Go one thing is definitely for sure: they should have no worries at all.

 

Source:  Baret News

Entertainment

Justice Denied Documentary Chronicles Racist Targeting of Chinese-American Bank

  Abacus: Small Enough to Jail Film Review by Kam Williams Justice Denied Documentary Chronicles Racist Targeting of Chinese-American Bank Asian-Americans are often referred to as the "model minority" because of their  success in the U.S. despite the existence of discrimination which has crippled other ethnic groups. However, the label has … [Read More its Good for You...]

Books

Rising Star: The Making of Barack Obama

  Rising Star The Making of Barack Obama  by David J. Garrow William Morrow Hardcover, $45.00 1472 pages ISBN: 978-0-06-264183-0 Book Review by Kam Williams “Barack Obama's speech at the 2004 Democratic National Convention instantly catapulted him into the national spotlight and led to his election four years later as America's first … [Read More its Good for You...]

Art

The Day After the Day Of

  The Day After the Day Of by Paul Ilechko   The sky sheds its tears. This morning is the morning of the day after. The day of mourning, the day after the day of.  I beseech the sky to shed tears in order to wash away the tears on my face.   This is the first day of the time after. This is the beginning of a new time, the … [Read More its Good for You...]

Real Estate

Castles in America

  Castles in America by Amy Lignor   Robin Leach and his “Lifestyles of the Rich and Famous” taught us all long ago that we absolutely love to sit and view ridiculous luxury (usually owned by people who inherited all of it and didn’t work a day in their lives). See that? We had to complain about something as we were beguiled by the amount … [Read More its Good for You...]

Lifestyle

Stunning Stenberg!

  Amandla Stenberg The “Everything, Everything” Interview with Kam Williams Stunning Stenberg! Amandla Stenberg first gained recognition for her role as Rue in The Hunger Games, alongside Jennifer Lawrence, Liam Hemsworth and Josh Hutcherson. After the success of that film, Amandla earned the 2012 Teen Choice Award with Jennifer for Best … [Read More its Good for You...]

Outdoors

Finding Bass During a Mixed Spawn Season

  Finding Bass During a Mixed Spawn Season Yamaha Pro Mark Davis Offers Two Solutions For Catching Bass This Spring Warmer-than-normal winter temperatures have shuffled bass spawning schedules on many lakes throughout the country this spring, but Mark Davis has seen it before, and the veteran Yamaha Pro knows just how to approach the … [Read More its Good for You...]

Sports

A Sport Where You Feel the Thrill Without Going to the Extreme

  A Sport Where You Feel the Thrill Without Going to the Extreme by Amy Lignor   There are many sports “fanatics” out there who literally dive head-first into an extreme sport in order to get their adrenaline pumping – taking on a sport that comes hand-in-hand with a monumental amount of risk. But for those who are not interested in … [Read More its Good for You...]

Business

The Hottest Locales for Small Business in the U.S.

  The Hottest Locales for Small Business in the U.S. by Amy Lignor   No, Silicon Valley is not being replaced. However, with the Kauffman Foundation releasing its annual Startup Activity Index last week showing, in detail, trends in U.S. business startups for 2017, it was revealed that California has been booted out of first place. The top spot … [Read More its Good for You...]

Travel

Once Upon a Time Vacations

  Once Upon a Time Vacations by Amy Lignor   Whether you are a lover of history or you simply have the “Beauty & the Beast” obsession – which, according to movie revenue data, millions all over the world are suffering from – just think how amazing it would be to stay in an actual castle. We already know what the beauty would be … [Read More its Good for You...]