Yahoo Finance
Underperforming store locations have been a major problem for various retail sectors, such as supermarkets, apparel shops, and drugstore chains, forcing retailers to close shops to eliminate a drain on liquidity.
Restaurants have also closed struggling locations to cut their losses, and now manufacturers are also closing underperforming facilities as well.
Giant tool companyStanley Black & Decker Inc.plans to close its underperforming Hampstead, Md., factory and lay off 55 workers, according to a Worker Adjustment and Retraining Notification Act notice filed with theMaryland Department of Laboron Aug.
Layoffs at the factory are set to begin on Oct.
23, 2026, and continue through the facility's closing by March 26, 2027, according to the WARN notice.
"Over the past few years, we have seen a steady decline in volume in the materials produced at our Hampstead, Maryland, manufacturing facility," Stanley Black & Decker spokesperson Debora Raymond told theBaltimore Sun.
"Due to this we are announcing our intent to close the site.
We are focused on providing a smooth transition to impacted employees, including options for employment at other Stanley Black & Decker U.S.
facilities and operations for salaried employees, in addition to severance, and job placement support services for both salaried and hourly employees," Raymond said.
The roots of Stanley Black & Decker trace back to 1843 when Frederick T.
Stanley co-founded Stanley Bolt Manufactory and later founded The Stanley Works in 1852.
Decker as a small machine shop in Baltimore in 1910, making machines for producing milk bottle caps and for candy dipping, according to theBlack & Deckerwebsite.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
Comments
Post a Comment