AM I NEXT? NO LOVE AT FRONTDESK

Am I Next? Layoffs at Frontdesk.

Milwaukee, Wisconsin-based Frontdesk, a short-term rental provider that offers fully furnished apartments for lease, has announced it is ceasing operations and filing for State Receivership as an alternative to bankruptcy.

The shutdown impacted the company's entire workforce of 200 employees, including full-time and part-time workers and contractors. The decision was conditioned on the company's ability to raise additional capital.

According to Frontdesk CEO Jesse DePinto, the company would be filing for a state receivership as an alternative to bankruptcy.

Citing the global macroeconomic conditions, Big Tech firms and startups across the spectrum have sacked employees, and layoffs continue to happen.

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 EVOLVE

Denver, Colorado-based Evolve, a vacation rental management company, has announced a second round of layoffs this year, this one a 20-percent reduction in its workforce.

The reduction in force will impact 175 employees. This follows the May 2023 reduction of 14 percent or 164 employees.

According to Evolve co-founder and CEO, Brian Egan, “In May, we were reacting quickly to a precipitous shortfall in Revenue, it was defensive and volume-driven; this decision is the polar opposite, we are acting strategically to unlock value creation and accelerate durable growth. We are confident in our work to re-underwrite our allocation of all resources, our self-sustaining profitability trajectory, and the ways in which our narrowed focus and rigor will serve to speed us up and protect us against future market volatility. So long as those things remain true, we will not be considering another broad-based reduction of our team,” he added."

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 EXTRA SPACE STORAGE

Salt Lake City-based Extra Space Storage, a fully integrated, self-administered, and self-managed real estate investment trust, that owns and/or operates self-storage properties, has announced a merger-related reduction in force.

The reduction in force will impact 150 Life Storage employees located in Buffalo, New York, and occur between July 20, 2023 and October 15, 2023.

According to Extra Space Storage CEO Joe Margolis, "We are prepared for the smooth integration of Life Storage, and we believe this combination gives the combined company an even more formidable portfolio, team, and platform, with over 3,500 stores across 43 states. We are confident we will achieve at least $100 million in underwritten annual run-rate synergies, and that we will unlock additional synergies resulting from our increased scale."

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?