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?

AM I NEXT? NO LOVE AT BITWISE INDUSTRIES

Fresno, California-based Bitwise Industries, a technology training company and an investor in startup infrastructure, has announced that it has furloughed its entire workforce.

The furlough will impact approximately 900 employees, including 300 located in Fresno, California, amid concerns about its financial stability and sustainability.

According to Bitwise co-CEO Jake Soberal, “We expect this to be a very temporary action by the board and executive team while we determine the next steps.”

It is believed that the company is in financial distress and an expected infusion of capital did not materialize.

Ollen Douglass, a Bitwise board member since 2021 and will now serve as Bitwise’s interim president, noted, “Unfortunately, the non-management board and I, like many of you, are finding out that the picture the company consistently communicated orally and in presentations, was not an accurate picture of the company’s financial health. It is heartbreaking and disappointing on multiple levels, as you know.”

Bitwise, offered workforce training to California’s underserved populations, software services, and co-working spaces to revitalize decaying downtowns. appears to have cratered with unaccounted millions in question. Allegations of fraud, including a Ponzi scheme, have now been filed in SUPERIOR COURT OF THE STATE OF CALIFORNIA, COUNTY OF FRESNO, CASE NUMBER 23CECG02240 (06/09/23).

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?