Laying Off 50% Of Workforce at Norfolk Shipyard

So much for Obama’s great economic recovery.

BAE Systems notified 530 workers at its Norfolk shipyard Tuesday that they will likely lose their jobs in March, a company spokesman said.

Citing a continued drop in workload, BAE spokesman Karl Johnson said the layoffs would be effective March 18. About 1,075 people work at the shipyard, so this would slash the workforce in half.

BAE does repair work on Navy amphibious warships, cruisers and destroyers.

BAE announced 300 probable layoffs at its Jacksonville, FL facility, also to be effective in March.

Layoffs at BAE have contributed to a rough stretch for the shipbuilding and ship repair industries in Hampton Roads. Newport News Shipbuilding cut more than 1,200 jobs last year, citing a temporary but significant drop in work for aircraft carriers. The yard expects to ramp up hiring in 2017.

Also, two Kmart store in Lutz and Daytona FL will close this year, along with dozens of other stores across the country, according to the retailer’s parent company, Sears Holding Corp.

The store on State Road 54 in Lutz will close for good in mid-March. Liquidation sales begin this weekend. The store has 62 employees.

It’s unknown how many stores will close but reports show that closures are happening nationwide. source

J.C. Penney is closing 7 of its 1,020 stores as part of its annual review. The stores are mostly in smaller markets.  In 2015, Penney closed 41 stores and in 2014 it closed 33 stores. Stores  will close on or about April 8.

This month Macy’s announced they would be closing 40 stores eliminating or relocating 3,000 employees, and just this week, Nationwide announced it will close it’s offices in Lynchburg, VA  by the middle of 2016 and with it 340 jobs will leave the area.

Even the Goldman Sachs Group is planning to lay off between 5 to 10 percent of its fixed-income traders and salespersons later this quarter, expected to impact up to 250 people.

Last month Morgan Stanley moved to cut 1,200 jobs, including nearly 25 percent of its debt traders and salespeople.

And possibly the largest retailer Wal-Mart; has just announced it will soon be closing 154 stores in the United States’ cutting the jobs of about 10,000 employees. 

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