AM I NEXT? NO LOVE AT NIX HEALTH (10/12/19)

OCTOBER 12, 2019 — NIX SHUTTERING ADDITIONAL TEXAS FACILITIES, UP TO 741 EMPLOYEES AT RISK.

According to reports filed with the State of Texas, Nix Health has announced the closure of the Nix Medical Center in San Antonio, Texas, and an auxiliary facility in Alamo Heights, Texas with approximately 156 employees being laid off.

According to multiple notices filed with the State, layoffs could reach 741 for all Nix facilities.

SEPTEMBER 10, 2019 — Original post…

San Antonio, Texas-based Nix Health, a provider of home health and hospice services in the region, has announced plans to close its Nix Home Care facility by November or December 2019. Approximately 585 employees will be impacted, most of who provide in-home health services. Those to be laid off include nurses, social workers, health care aides as well as physical, occupational, and speech therapists.

The decision appears to be driven by the company’s parent, Los Angeles, California-based Prospect Medical Holdings, which continues to struggle financially. The downtown San Antonio Nix Medical Center building has been sold and the status of the company’s five other facilities is unknown at this time.

According to a company spokesperson, the entire Nix Health enterprise may be at risk. “We are currently reviewing strategic options for our Nix Health operations. These options may include identifying a local or national operator to acquire the facilities."

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 AVENUE STORES

Rochelle Park, New Jersey-based Avenue Stores, a women's clothing retailer that specialized in fashion for plus-sizes was unable to attract additional financing and has decided to shutter all of their 260 retail stores in 33 states, leaving hundreds of employees without jobs. In a filing with the State of New Jersey, the company indicated it will be laying off 152 employees at its Rochelle Park location effective September 30, 2019.

All of the store’s merchandise, including store fixtures, will be sold by liquidation specialists.

Avenue is owned by a private equity firm, Philadelphia, Pennsylvania-based Versa Capital Management who acquired the company in a 2002 bankruptcy sale. Versa attempted a financial restructuring in April, 2019 which included a capital infusion from Versa and a revolving line of credit from PNC Bank. At that time, a press release touted, “By increasing overall liquidity, reducing interest rates, and removing all debt amortization payments, AVENUE’s new capital structure is much more stable, flexible and better aligned with the strategic needs of the business. In addition, its new capital structure will further strengthen the Company’s ability to continue investing and providing customers with the fashion and service they deserve.”

On August 1, 2019, an article in the New York Post claimed that “Plus size retailer Avenue has 60 days to find a buyer — or it will shutter all of its 260 stores across the country.”

Avenue is not the only plus-size retailer to encounter problems in a difficult market, made more difficult by online retailers and self-cannibalization. Dressbarn’s May, 2019 announcement indicated that it would be closing their entire plus-size 650-store chain by the end of 2019 and laying a thousand-plus of employees due to declining sales.

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 -- LAYOFFS AT ANKI

San Francisco, California-based Anki, a start-up creator of consumer-focused robots endowed with artificial intelligence has announced that they are planning to close the company and layoff all workers, estimated at near 200 employees. The company simply ran out of money, even though it was seeking additional investment capital after having raised $200 million in venture capital over the past nine years. There are a number of companies that might be interested in Anki’s intellectual property.

According to Anki’s co-founder and CEO, Boris Sofman, “"It is with a heavy heart to announce that Anki will be letting go of our employees, effective Wednesday. We’ve shipped millions of units of product and left customers happy all over the world while building some of the most incredible technologies pointed toward a future with diverse AI and robotics driven applications. But without significant funding to support a hardware and software business and bridge to our long-term product roadmap, it is simply not feasible at this time. Despite our past successes, we pursued every financial avenue to fund our future product development and expand on our platforms. A significant financial deal at a late stage fell through with a strategic investor and we were not able to reach an agreement. We’re doing our best to take care of every single employee and their families, and our management team continues to explore all options available."

In addition to employees, the company’s closure may also affect consumers who rely on the company’s cloud infrastructure which is necessary for robot operation.

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 ... are you now wondering, Am I Next?