AM I NEXT? NO LOVE AT APACHE CORPORATION (03/23/25)

Stephen Levine March 31, 2020

Am I Next? Apache Corporation reduces rig count and employees.

MARCH 23, 2025 — 300 EMPLOYEES GONE

The company has confirmed that it cut nearly 300 employees globally in January and late February as part of the cost-cutting plans APA had previously announced, reducing its corporate office staff by more than one-third.

According to a company spokesperson, "APA has undertaken a comprehensive organizational review and is implementing changes to reduce its overall cost structure and ensure long-term competitiveness."

MARCH 31, 2020 — Original post…

Houston, Texas-based Apache Corporation, a oil and gas exploration and production company, continues to execute their reorganization which they characterize as a corporate redesign to “rightsize” the enterprise. This includes a reduction in force, with approximately 85 employees located in Midland, Texas.

A company spokesperson noted, “We are lowering our Permian rig count to zero and focusing capital elsewhere in our portfolio and, as a result, have made the difficult decision to further reduce staff. The rightsizing is a recognition that we will not be returning to past levels of capital activity and need to make a permanent reduction in headcount.”

There has been widespread market disruption with significantly lower oil and gas prices as competitors seek to fulfill the spot market demand at lower margins.

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 NEIMAN MARCUS (06/04/22)

Stephen Levine March 24, 2020

Am I Next? Restructuring at Neiman Marcus - 750 layoffs.

JUNE 4, 2022 — 53 LAYOFFS IN NATICK, MASSACHUSETTS

The company is closing its two-story store at the Natick Mall in Natick, Massachusetts, and laying off 53 employees between July 23, 2022, and September 14, 2022. The property will be redeveloped into laboratory and office space.

MAY 7, 2020 — CHAPTER 11 BANKRUPTCY FILED

According to a company spokesperson, “Prior to COVID-19, Neiman Marcus Group was making solid progress on our journey to long-term profitable and sustainable growth/ However, like most businesses today, we are facing unprecedented disruption caused by the COVID-19 pandemic, which has placed inexorable pressure on our business.”

APRIL 20, 2020 — MOVING CLOSER TO BANKRUPTCY. FILING IMMINENT.

After furloughing 14,000 employees and shutting 43 stores as a response to the COVID-19 pandemic, the company is finalizing interim financing before declaring bankruptcy.

MARCH 25, 2020 — NEIMAN MARCUS EXECUTIVES CONFRONTED WITH QUESTIONS ABOUT BANKRUPTCY

It appears that Bloomberg News is suggesting that bankruptcy may be imminent.

According to a company spokesperson. “Most businesses today are facing some degree of disruption from the unprecedented global economic environment resulting from the COVID-19 pandemic. We are evaluating all courses of action to preserve our financial strength so that we may continue serving our customers and associates and being a great partner to luxury brands globally. Our priority has been and will always be to ensure stability for our associates and brand partners.”

MARCH 24, 2020 — Original post…

Dallas, Texas-based Neiman Marcus, the iconic luxury retailer, and mail-order merchant, has announced a major restructuring that will see major store closures, divestments, and a reduction in force. The company’s Last Call discount outlets will be closed with the exception of a few that will be used for clearance merchandise. The company will divest two Texas distribution centers in Longview and Irving, Texas, and deploy the capital to grow the company’s businesses. But most troubling with be the company’s combination retail, mail-order, and online businesses which will impact approximately 750 employees as the staff is combined and redundancies are eliminated. An estimated 500 layoffs will come from the closed stores and an estimated 250 layoffs will involve management and non-selling support staff.

According to CEO Geoffroy van Raemdonck, “The retailer’s actions aren’t a reaction to outside forces, but have been in the works for some time and are part of the company’s transformation efforts. This is all very deliberate and pre-coronavirus. We are focusing our resources on where the profits are: in full-price selling.”

While the company restructured some of its almost $5 billion in debt in 2019, with the largest portion due in 2023, at least some of the $137.3 million of existing bonds come due in October 2020, with the remainder due in 2021.

LAYOFFS: NO LOVE AT CBRE (02/19/21)

Stephen Levine March 9, 2020

Am I Next? CBRE layoffs in New York technology group.

FEBRUARY 19, 2021 — 193 LAYOFFS IN DALLAS, TEXAS WITH SOME OUTSOURCING

The company has announced plans to lay off 193 finance department employees from its Dallas, Texas office between April 30, 2021, and June 30, 2021.

According to a company spokesperson, "We are realigning a business support function within our finance organization, where work currently performed by certain Dallas-based roles will be assigned to teams in other parts of the organization and to third-party service providers."

MARCH 9, 2020 — Original post…

Los Angeles, California-based CBRE Group, an American commercial real estate services and investment firm, has announced that it will be restructuring its Digital & Technology team which builds applications for the commercial real estate market. Applications include office sizing and allocation, space planning, modeling, and location services along with in-house projects and support. The restructuring will impact 40 software engineers located in New York City, New York, and commence on May 22, 2020.

According to a company spokesperson, “Most of the software engineering work associated with these efforts is being performed from our central hub in Dallas as well as other regional hubs around the world. While we require fewer software engineers in New York, we will continue to have D&T professionals there, including our D&T leaders for Hana and Advisory & Transaction Services. We are working closely with our affected colleagues as they transition out of CBRE over the next several months.”