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Economic Downturn

Business
Facebook Parent Company Meta Laying Off More Than 11,000 Workers Facebook Parent Company Meta Laying Off More Than 11,000 Workers
Facebook Parent Company Meta Laying Off More Than 11,000 Workers Meta, the parent company of Facebook, has just announced it is laying off more than 11,000 employees, about 13 percent of its workforce. "Today I’m sharing some of the most difficult changes we’ve made in Meta’s history," CEO Mark Zuckerberg began in a letter to employees Wednesday morning, Nov. 9. "We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1 (the first quarter). "I want to take accountability for these decisions and for how we got here. I know this …

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by Joe Lombardi
Business
Original Ann Taylor's in New Haven Closes - More Closures for Parent Co. Ascena Planned Original Ann Taylor's in New Haven Closes - More Closures for Parent Co. Ascena Planned
Original Ann Taylor's in New Haven Closes - More Closures for Parent Co. Ascena Planned The original Ann Taylor’s in New Haven closed for good on Monday, July 27. The retailers first launched from New Haven in 1954, eventually growing to a women’s clothing store giant. Ann Taylor’s parent company, Ascena, filed for bankruptcy earlier this month. In addition to Ann Taylor, Ascena owns the brands: LOFT, Lane Bryant, Justice, Catherines, Cacique, and Lou & Grey. All of the retailers will continue to operate, though many of its 2,800 stores will be closed, according to Ascena. Catherines is being sold to City Chic. In announcing the bankruptcy filing and restructuring on July…

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by Kristin Palpini