LAYOFFS: IS THE HANDWRITING ON THE WALL AT FRANKLIN TEMPELTON & LEGG MASON?

Am I Next? Employees at risk as Franklin Templeton acquires Legg Mason.

San Mateo, California-based Franklin Resources, a major asset management and investment advisory firm, has disclosed its intention to acquire rival Baltimore, Maryland-based Legg Mason, an investment and asset management firm for $4.5billion, at the behest of activist Nelson Peltz’s Trian Partners.

Franklin Templeton plans to cut around 8% of its combined workforce after the acquisition closes. Approximately 800 employees will be immediately impacted.

Like all such acquisitions, look forward to more restructuring, elimination of duplicate functions, consolidation of operations, and the type of cost-cutting that drastically affects headcounts.

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?             

LAYOFFS: NO LOVE AT SHUTTERFLY (08/12/23)

Am I Next? Shutterfly relocation with job losses.

AUGUST 12, 2023 — 246 LAYOFFS IN SHAKOPEE, MINNESOTA IN COMING PLANT CLOSURE

The company has announced plans to shutter its Shakopee, Minnesota manufacturing facility and lay off 246 employees within the next year.

According to a company statement, “This decision was carefully considered as part of our strategy to strengthen our overall business operations and consolidate production into our larger manufacturing hub locations. We fully recognize the impact this decision will have on our dedicated employees, their families, and the Shakopee community. While it was a difficult choice, we remain committed to supporting our employees during this transition.”

MAY 11, 2023 — SPOONFLOWER OPERATION CLOSING WITH LAYOFFS IN DURHAM, NORTH CAROLINA

The company has announced that it is closing its Spoonflower production facility in Durham, North Carolina, and laying off 106 employees.

According to a statement filed with the State of North Carolina, “Production operations currently performed at the facility in Durham will be transferred to other existing Shutterfly facilities over the coming months. As a result, all jobs at the Durham production facility will be eliminated and employment separations will occur from July 7, 2023, to December 31, 2023. Most employees will separate on July 7, 2023, or July 28, 2023. A few employees will remain employed through December 31, 2023, at which time the building will be closed.”

JANUARY 27, 2023 — 360 LAYOFFS

"In light of challenging and uncertain economic conditions, we conducted a thorough review of our cost and organizational structure resulting in a workforce reduction of approximately 360 roles. This was a difficult decision made with great care, and we are grateful for the many lasting contributions these colleagues have made."

FEBRUARY 27, 2020 — Original post…

Redwood City-based Shutterfly, the online printing company, has announced that it will be laying off 153 employees in its Redwood City headquarters and relocating approximately 100 marketing jobs to the offices of the company’s subsidiary Lifetouch located in Eden Prairie, Minnesota. According to notices filed with the state, 66 jobs will be eliminated, and 87 positions transferred out of state. The Redwood City offices will remain open and serve as the base of Shutterfly's CEO and many of its senior executives. 

According to a company spokesperson, “Since our acquisition of Lifetouch in 2018, we have made progress integrating the teams. Additionally, Shutterfly is excited about the strong talent in the Twin Cities market, especially across marketing and merchandising.” 

Shutterfly is owned by private equity firm, Apollo Global Management, which purchased the company in 2019 for $2.7 billion.

The company has been experiencing consumer headwinds since many individuals choose to share their photos, mainly from smartphones, on social media or by email, rather than printing them or building albums.  This is yet another company that may be transitioning out of California due to high taxes, salaries, and living expenses.

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?             

LAYOFFS: NO LOVE AT SUBWAY (o8/21/23)

Am I Next? Major layoff at Subway.

AUGUST 21, 2023 — DANGER ON THE HORIZON?

Atlanta. Georgia-based private equity firm Roark Capital is poised to close a $9.6 billion deal with Subway Should this occur, look for management changes, cost-cutting, and personnel reductions or realignments. The handwriting is on the wall.

APRIL 12, 2021 — NOTHING GOOD HAPPENING

According to published reports, cost-cutting and layoffs are continuing and the company may be in play and looking for a suitor or partner.

It is said that ongoing activity “in addition to layoffs and store closures, Subway is relocating dozens of jobs to Miami and redesigning the company's franchise structure.”

Others are noting that Subway CEO John Chidsey appears to be following his previous game plan when he was instrumental in severe cost-cutting and sold Burger King to a New York investment firm, 3G Capital.

MAY 19, 2020 — 150 LAYOFFS, 100+ AT MILFORD, CONNECTICUT HEADQUARTERS

According to a company spokesperson, "A reduction in workforce is never an easy decision, especially during these unprecedented times. The Covid-19 pandemic has forced us to accelerate a restructuring plan for which we had been preparing. Today, we have reduced the size of our global workforce by approximately 150 employees, including a little more than 100 people at our Milford, CT headquarters, and have re-assigned some staff for better alignment and efficiencies.”

FEBRUARY 26, 2020 — Original post…

Milford, Connecticut-based Subway, the ubiquitous sub sandwich franchisor, has announced a major reduction in force resulting in 300 layoffs at its Milford headquarters representing approximately 25-percent of the HQ staff.

According to a company spokesperson…

A reduction in workforce is never an easy decision but streamlining and simplifying our business with a smaller and nimbler workforce will help us react quickly to the changing needs of the business. Every Subway restaurant is locally owned and operated. We must do what we can to fully support our owners and our guests in every neighborhood in which we do business.

Our focus remains on ensuring Subway guests get great service and value at every restaurant they visit, our franchise owners get the full support and tools they need to help them grow and be successful and that we strengthen our overall business performance. In order to deliver on that strategy, a difficult decision was made to eliminate approximately 300 positions at our Global HQ in Milford, Connecticut.“  

Many of the employees attribute the decision to CEO John Chidsey, a formerly the CEO of Burger King, who represents the first professional manager not associated with the founder’s families.  His specific task is to stem the tide of franchisee defections and closures.  Chidsey assumed the CEO position in November 2019.

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?