Welp, it looks like Will Ferrell's famous line from Old School is coming to life in a new way. You better get to Bed Bath & Beyond while you still have time! 🛍️⌛
In addition to Bed Bath & Beyond's recent bankruptcy announcement, several other companies announced closures and layoffs. 🆘 Keep reading to get the whole scoop (of poop). 💩
Here’s Five Fast Facts on the recent business closures and mass layoffs :
- 🚨 Don't Know If We'll Have Enough Time - Bed Bath & Beyond recently filed for Chapter 11 bankruptcy protection after their efforts to keep the company afloat wound up tanking instead. For now, the retailer's 360 namesake stores and 120 Buybuy Baby locations will stay open as they figure out closures and sell off merchandise.
- 🐝 Buzz, Your Girlfriend. WOOF! - Media giant BuzzFeed announced it's shutting down its BuzzFeed News division. The shutdown is part of a larger effort to turn the BuzzFeed ship around. The company lost 90% of its value since it went public in 2021. This news echoes the current pressure in the digital media industry, where many outlets are struggling to increase cash and manage expenses.
- 🚙 Need A Lyft? - Popular ride-sharing app Lyft announced layoffs just one week after their new CEO moved in. The Wall Street Journal estimates 1,200 workers will be impacted, which is roughly 30% of the company's workforce.
- 🖥️ So On-Trend - Mass tech layoffs kicked off late last year and continue to make headlines. Earlier this week, Meta followed through on announced layoffs. According to a viral layoff tracker, companies have laid off over 170,000 employees so far in 2023.
- 🧐 Got Any Theories? - Some believe these mass layoffs are mainly due to a post-pandemic economy that's still experiencing a ton of weirdness. Supply chain issues and lockdowns forced a lot of unexpected changes on our world and we're still trying to wrap our heads around it all. Inflation, high interest rates, and a slowdown in advertising also come into play.
🔥Bottom line: Although these new announcements aren't surprising given our uncertain economy, they still stink. News of layoffs and company shutdowns tends to spark fear, but the best thing to do is channel your panic into a plan. 💡 If you don't already have one, start building an emergency fund ASAP. Speaking of bankruptcy, we've got a great article all about it.
Have you been impacted by any of the mass layoffs?
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