AM I NEXT? NO LOVE AT DFS

Am I Next? Layoffs at Hawaiian DFS shops.

Kowloon, Hong Kong-based DFS (formerly Duty Free Shops), a retailer luxury and duty-free travel-related goods, and a division of the luxury goods conglomerate LVMH (Louis Vuitton Moët Hennessy) Group has announced a major reduction in force in Hawaii. The layoffs will impact 165 employees and will be spread across three Hawaiian locations:T Galleria by DFS (company’s flagship store in Waikiki); the Daniel K. Inouye International Airport; and the Ellison Onizuka Kona International Airport at Keahole.

According to a company spokesperson, “the steep decline in visitor spending and diminishing travel demand from key international markets, coupled with the cost of doing business in Hawaii, led to the layoffs. Another major factor was the significant spread of the retail sector statewide, which has increased the competitive environment for retailers. For many months, we have been signaling an alarming confluence of factors that have had an increasing impact on our business. A marked drop in visitor expenditures and an overall softening in consumer sentiment, combined with the high costs that we are paying to remain in Hawaii, meant we could not delay the inevitable any longer. This was a difficult decision, forced by a difficult environment.”

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. 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 CHARLES SCHWAB (UPDATED)

Am I Next? Charles Schwab cost reduction results in 600 layoffs.

OCTOBER 1, 2019 — SCHWAB OFFERS FREE TRADES, DANGER AHEAD.

The company has announced that they will be offering their customers free trades, commoditizing the trading function. Look for additional reductions in force as trading volumes and federal interest rates decline.

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San Francisco, California-based Charles Schwab Corporation, the online stock brokerage, money management, and bank, has announced that they will be laying off 600 employees in an attempt to significantly reduce operational costs. According to a company spokesperson, the layoffs were implemented in response to falling Federal Reserve interest rates which impact Schwab’s banking operation and brokerage accounts that carry an investable cash balance.

A Charles Schwab spokesperson noted, “We initiated a process to review our expense base to ensure we remain well-positioned to serve clients while navigating an increasingly challenging economic environment. Impacted positions span all staffing grades, as well as organizations and locations across the company. While it is never easy to say goodbye to valued colleagues, these actions are a prudent step to ensure we manage our expense growth while continuing to invest in initiatives that allow us to achieve greater scale and efficiency – like platform improvements and digital experiences.

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. 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 VERTIV

Am I Next? Vertiv lays off 130 employees.

Columbus, Ohio-based Vertiv, a supplier of power, cooling, and rack equipment and services for datacenters, has announced that it is continuing its restructuring and laying off 130 employees located at their Columbus, Ohio manufacturing facility. The layoffs will be phased between October 14, 2019 and April, 2020. According to published reports, the company has already experienced a significant reduction in force between 2018 and 2019. Vertiv, spun off by Emerson Electric in 2016 and taken private by Beverly Hills-based Platinum Equity and investors who fund leveraged buyouts. In August, 2018, the plan appeared to be to sell the company or take the company public. At the time, it was thought that a valuation of $6 billion would give the investors a $2 billion profit over a $4 billion purchase price. No deal was consummated.

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. 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?