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Fortune Mag Thinks 1000s Of Small Banks Could Close, Even More Companies Reported To Be Laying Off Workers Or Closing Outlets

On Friday, TheBlaze reported on a spate of post-election layoffs and company closing announcements. Sadly, that trend appears to be continuing.

Fortune Magazine says that in the wake of Obama's re-election, thousands of banks are at risk, with small banks taking the biggest beating:

Now that President Obama has been re-elected, analysts, consultants and dealmakers have turned from whether Dodd-Frank will be repealed to what it means for banks now that it's likely here to stay. The overwhelming conclusion: Thousands of small banks will soon disappear.

But the banks are not the only group at risk. Companies in all areas are still having a difficult time with the economy.

John Schnatter, the CEO of Papa John's Pizza announced to the press that Obama's second term and the full enforcement of Obamacare would likely force him to cut the hours of many workers and add costs to his operation. Those costs would be passed on to consumers.

Here are the latest companies that announced layoffs:

Mills Manufacturing NC - 68 workers laid off - 

A western North Carolina company that makes parachutes and other supplies for the military is laying off 68 workers by the end of the year.

 

TECO Coal Corporation - 90 workers laid off

TECO Coal Corporation is cutting back production and shedding jobs. Company personnel director Paul Matney told the station no mines are closing, but manpower and staffing is being trimmed to match reduced production from the mines. Matney said the layoffs are at several locations and are the result of economic conditions in the coal market.

 

Energizer Holdings Inc - 1,500 or 10% of workforce

Energizer Holdings Inc said on Thursday that it would cut more than 10 percent of its workforce, or about 1,500 people, as it tries to rev up results in its battery business. A restructuring at the company, which also makes Schick razors, was in the works for months. In September, Energizer said it planned to cut jobs and expenses but until Thursday it had not disclosed details of the plan.

 

Update: Exide Technologies in Laureldale - 150 workers furloughed

Exide Technologies announced Thursday that it will be idling its lead-recycling operations in Laureldale and laying off 150 workers, effective no later than March 31. Idling means that all of the permits and approvals will be kept up to date and the plant will be maintained in case Exide wants to reopen it later, said Susan Jaramillo, spokeswoman for Exide.

 

Southeastern Container - 15 workers affected, but plant closing is in the works

Southeastern Container has notified the state (NY) that it plans to lay off 15 employees as the first of three phases toward what the state called a "plant closing."

The company employs 65 at the local plant. The first wave of 15 are to go out in February, the company's notice said.

 

The SCA plant in Barton - Plans Staff Reductions through 2015

The SCA plant in Barton (AL) will begin reducing staff immediately, and the cuts will continue through 2015. SCA officials confirmed they are cutting jobs, at not only the Barton facility, but at locations around the world. They're calling it a "global cost and productivity program," and it will be implemented over the next three years.

 

Yakima Regional Medical Center Washington - 10+ workers

YAKIMA, Wash. -- At least ten Yakima Regional Medical Center employees will soon be looking for a job. The cuts are coming from the business department as part of a reorganization. Some workers will be relocated to Arkansas to consolidate and cut costs. Hospital administrators did not want to comment before speaking with employees and the union.

 

Crouse Hospital Syracuse NY - 70 Jobs

Crouse Hospital announced Thursday another round of cuts as it considers significant challenges down the road due to healthcare reform. Seventy jobs – 23 that were vacant – were cut on Thursday, including nursing, nursing support and non-nursing positions.

 

Update: DuPont Co in Richmond VA - 64 to go before 2013

DuPont Co. plans to cut 64 jobs in the Richmond area as part of a larger corporate restructuring announced in October. The affected jobs are salaried positions, a company spokeswoman said Friday. DuPont notified state officials through a WARN act notice, which said the cuts would by occur by Dec. 31.

 

Penn Refrigeration - number of workers idled - 40

A long-time family owned business has laid off practically all if its workers in Luzerne County. The owner tells us, Penn Refrigeration just outside of Wilkes-Barre cut back about 40 employees Friday.

After more than 60 years of business, workers tell Newswatch 16 the company is closing its doors for good. But the owner says Penn Refrigeration is not closing, just cutting back, and blames the layoffs on “extremely bad economic conditions.”

 

Wilkes-Barre PA - Municipal Worker Layoffs Likely

Mayor Tom Leighton said during the (city council) meeting that the cutbacks in the city's workforce will extend beyond mandatory furloughs that will likely be announced today. "We're going to have layoffs before the end of the year," Leighton said. "We'll have layoffs."

 

American Coal - 54 workers get layoff notices

A local coal mine is cutting jobs and blaming it on politics. American Coal in Galatia laid off 54 miners on Wednesday, saying President Barack Obama's re-election is bad news for the coal industry.

"There is no question that the United States coal industry is being destroyed by the actions of Barack H. Obama," said Bob Murray, CEO of Murray Energy, during the Old King Coal Festival in September.

 

New Energy Corp. Indiana - Plant Shut Down Idles 40

New Energy Corp. President Russ Abarr tells the South Bend Tribune the plant shut down last week, idling 40 employees. Abarr says an undetermined number of workers will stay on the job as the plant that opened in 1984 prepares to remain idle for at least several months.

 

 

Companies Announcing Closings:

The Pizza Inn restaurant on Hughes Boulevard in Elizabeth City NC - Local press reports the closing of this 38-yr-old business

Waltz Pharmacy in Waldoboro Maine - The only pharmacy for miles. Owner blames Medicaid and Insurance payment cuts for hitting his bottom line.

Zac's Place in Hinsdale IL - Suburban Chicago restaurant whose owner told the press, "sadly we can no longer afford the costs of doing business, so we've decided to say farewell."

Lone Star Steakhouse and Ruby Tuesday at 56th Street in Lincoln NE - CVS Drug Store is replacing one of the restaurants

Career Education Corp - Closing 23 Campuses - 900 Jobs Lost - Most cuts will happen by Jan 1, 2013

Handy Hardware to close its 2-year-old Meridian, Miss. warehouse - 109 workers hit by sudden layoffs

Shamrock Bar at Payne City's Rose Avenue. in GA - Once-popular local bar closes due to lack of economic growth

Williamson Bicycle Works Closing at 640 W. Washington Ave Store, Other Store Open - Company consolidating from two stores to just one location.

Update: Bakers Footwear Group Begins Liquidating 150 Stores Across the Country - Shoe retailer closing 70% of its national outlets

Vyn-All Pool Products Plant in McKenzie Tenn. - Tough economic times forces pool liner manufacturing company to close

Christensen’s Furniture - Family owned furniture store closes after 50 years.

Mountain West Research closed its call center in Idaho Falls - Company denied recent layoff rumors, then announced sudden closing.

Bartikowsky Jewelers in Wilkes-Barre PA - 125-yr-old jewelry store closing

The Red Oak Comfort Food and Pie Co in Bloomington - 40-yr-old business closed its doors on Friday

Update: Target Store in Hickory Hollow Area Tenn. - Nashville area Target store surprises customers with news of closing

Mike-sell's Snack Food Co. is closing three Ohio distribution facilities - < 40 Jobs Lost - Local OH potato chip maker shuts distribution operations

The Party Warehouse closing 2 Stores - There is not much to celebrate as the economy is partially blamed for the down-sizing of this 25-yr-old business

Holland Jewelers located near SouthPark Mall in Moline - Opened in 1933, owner says that his business is good, but he has other ventures that require his attention.

 

However, not all of the news on the jobs front is bad news.

Ford Motor has just announced that they have added over 5,000 new jobs this year.

TheBlaze has also noted additional job listings posted on the Daily Job Cuts web site.

Chrysler in SE Michigan - Plans to Add Jobs

Workday in Utah - 500 over Several Years

ConAgra Foods Inc Boardman Ore. - 100

Sitel in Las Vegas - 100 Call Center Jobs

Goodwill Industries of San Antonio - 73

Hangar9 Solutions San Antonio - 85

Beam Inc Louisville - 60

 

H/T - Daily Job Cuts

We welcome job news from your community.  Please forward links to stories to mopelka@theblaze.com.

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