AM I NEXT? NO LOVE AT VIRGIN HYPERLOOP

Los Angeles, California-based Virgin Hyperloop, an American transportation technology company commercializing a high-speed vacuum-propelled train, has announced that it will be restructuring and abandoning plans for passenger transport in favor of transporting cargo.

The restructuring will impact 111 employees, nearly half of its workforce, and is scheduled for April 20, 2022.

According to a company spokesperson, "The company is now changing direction due to global supply chain issues and all the changes due to Covid. It’s allowing the company to respond in a more agile and nimble way and in a more cost-efficient manner. These types of decisions are never taken lightly.”

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 SPIN

San Francisco, California-based Spin, a dockless e-scooter micro-mobility company operating as a unit of Ford Mobility, has announced a restructuring initiative and exiting "open-permit" markets. Specifically, the company is winding down its operations in a few markets in the United States, as well as in the entirety of Germany, Portugal, and Spain.

The restructuring will impact approximately 25% of Spin's staff.

A message from Spin CEO, Ben Bear, noted " Today we shared the difficult news with Spin employees that we are beginning to exit nearly all open permit markets globally to accelerate our path to profitability. This decision to restructure impacts roughly a quarter of our staff.

What is changing is that Spin will no longer compete in open permit markets that lack sensible regulations. As a result, we are beginning to wind down operations in a few U.S. markets, all of our markets in Germany and Portugal. We are also projecting closure of Spain as early as February 2022. These places have permit market dynamics that make it difficult to identify a clear path to profitability. We found that these free-for-all markets create an uncertain operating environment—marked by frequent changes in competitive landscape, no caps on fleet sizes, and race to the bottom pricing. Most importantly, we aren’t able to offer the type of reliable high-quality service we pride ourselves on to our riders and city partners."

Funny, how most large companies seek regulated markets to protect their interests from competitors.

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 CENTRAL FREIGHT LINES

Waco, Texas-based Central Freight Lines, a regional less-than-truckload company servicng the Southeastern and Southwestern United States, has announced that it is winding down its operations impacting up to 2,100 employees and contractors.

The company has indicated that layoffs are scheduled for December 31, 2021.

According to company statements, "CFL is shutting down its operations due to unprecedented financial distress, including loss of significant revenue, decreasing margins, increased overhead, several operational inefficiencies, workforce attrition, and various other unexpected and unforeseen circumstances, including CFL’s inability to secure sufficient financing to maintain operations. Central Freight Lines did not provide earlier notice because it would have jeopardized efforts to pursue capital, restructuring and refinancing alternatives to postpone facility closures that were ultimately unsuccessful.

The company explored all available options to keep operations going. Despite diligent efforts, the company was unable to gain commitments to fund ongoing operations, find a buyer, or even fund a Chapter 11 reorganization.”

"As we complete the wind-down process, our primary goal will be to offer the smoothest possible transition for all stakeholders while maximizing the amount available to apply toward the Company’s obligations. Central Freight is coordinating with other regional LTL carriers to afford its employees opportunities to apply for other LTL jobs in their area. Discussions are ongoing and no purchase of assets or offer of employment is guaranteed.”

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?