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WeWork layoffs began on Monday, sources say, with one person calling it a ‘small mercy’

“The long-awaited layoffs at WeWork began on Monday, multiple sources told Business Insider” writes Julie Bort for businessinsider.com. As Recode had reported, employees are being given four months severance, regardless of tenure, sources tell Business Insider, and rank-and-file employees do not expect to receive stock options.The departments first notified of cuts are units within the corporate technology, HR and security departments, sources say.Business Insider previously reported that the company is holding an all-hands on Friday, according to a leaked email message sent by chairman Monday morning and seen by Business…

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Layoffs, cratering stocks, and blown-up deals: 11 experts take us inside the cannabis industry’s meltdown and tell us where the industry goes from here

“The story of the industry’s rise and stumble, cannabis industry executives and experts say, goes something like this” writes Jeremy Berke for businessinsider.com. Once flying high, cannabis companies in recent months have struggled to raise money and close marquee deals.For startups and publicly traded behemoths, navigating the choppy waters of the cannabis industry has been challenging.”We are calling the bottom on Canadian cannabis stocks,” the analyst, Pablo Zuanic, wrote in the note. Source: businessinsider.com

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Deere workers grapple with fallout from Trump’s trade war

“But as the trade war began taking a toll on the farm economy, Spencer said farmers started cancelling their orders” writes Midwest Communications Inc for 95kqds.com. Hundreds of workers at Harvester Works are facing an uncertain future as a result of the 16-month-old tariff war.Harvester Works’ union head David Thompson told Reuters that weeks later the company extended temporary layoffs for another 100 workers at Harvester Works until early January.The 29-year-old welder blames America’s trade war with China, which has dented U.S. agricultural exports and, in turn, slowed sales of…

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Sears is laying off hundreds of corporate employees after announcing 96 store closings

“Sears is laying off hundreds of corporate workers less than a week after announcing a new round of store closures, sources told Business Insider” writes Hayley Peterson for businessinsider.com. Sears’ parent company, Transformco, which also owns Kmart stores, confirmed the layoffs in a statement to Business Insider.Following that round of closures, the company will have about 180 Sears and Kmart stores remaining in operation.The company last laid off corporate employees in September.The new round of layoffs comes after the company announced last week that it plans to close 96 more…

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Osram recommends Ams offer and agrees on job protections in case of deal

“Osram Licht AG (OSR.XE) said Tuesday that it has agreed on key terms for a potential takeover by Ams AG (AMS.EB), including job protections for its German employees” writes Max Bernhard for marketwatch.com. Osram OSR, +0.15%  said its boards recommend Ams’s AMS, -5.66%  takeover offer to shareholders, who have until Dec. 5 to accept.Osram’s works council said Monday that it filed a court appeal against Germany’s market regulator BaFin in order to stop the takeover offer. Source: marketwatch.com

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Leaked Sears document reveals how store managers broke news to workers about layoffs and closures

“An internal Sears document reveals how the company broke news to employees of an upcoming round of 96 store closures and layoffs” writes Hayley Peterson for businessinsider.com. When Transform Holdco bought Sears out of bankruptcy in February, the company had roughly 400 Sears and Kmart stores.The document contains a script for the managers to read to employees during a staff meeting.After the latest round of store closures is completed, the company will have 182 stores remaining in operation. Source: businessinsider.com

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Bustle Digital Group employees are tweeting their layoffs, as at least 14 more writers and editors are cut

“Bustle Digital Group, a digital media conglomerate targeting millennial women, cut more employees Thursday following an October Insider report revealing staggered layoffs and cratering morale” writes Benjamin Goggin for businessinsider.com. According to tweets from affected employees, at least 14 full and part-time positions were eliminated, affecting lifestyle, books, and entertainment employees.In a statement provided to Insider, a Bustle Digital Group spokesperson downplayed the cuts, saying “BDG has recently hired dozens of writers and editors across our many properties — especially Nylon, Mic, Inverse, and Input.Insider also reported that Bustle Digital…

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Sanmina shares drop more than 10% on outlook, layoffs

“Sanmina shares fell 14% after hours, following a 1% rise in the regular session to close at $31.80” writes Wallace Witkowski for marketwatch.com. SANM, +1.03% shares dropped in the extended session Monday after the electronics manufacturing services provide issued a disappointing outlook and announced a “right-sizing” plan. Analyst had forecast earnings of 77 cents a share on revenue of $1.93 billion. Source: marketwatch.com

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WeWork reportedly delayed layoffs because it’s short on cash

“With money running short after a failed initial public offering, WeWork has been planning on laying off thousands of employees” writes Julie Bort for businessinsider.com. Others received WeWork shares when the company acquired their startups.WeWork’s new co-CEOs told employees in an email last week that the company planned to lay off workers in coming weeks.So, WeWork, which is believed to be in danger of running out of cash within a month without new financing, has postponed the layoffs, The Journal reported Monday.Read this: WeWork CEOs tell staff layoffs are coming…

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