Chevron to lay off 20% of workers

Chevron Corp. plans to cut its global workforce by 15% to 20% by next year, as part of efforts to reduce costs and raise profits.

The U.S. oil giant employed 46,500 people globally at the end of 2023, meaning the cuts could affect as many as 9,000 employees. The company recently moved its headquarters from Northern California to Houston, Texas, and is targeting $2 billion to $3 billion of structural cost reductions by 2026.

“Chevron is taking action to simplify our organizational structure, execute faster and more effectively, and position the company for stronger long-term competitiveness,” Vice Chairman Mark Nelson said in a statement Wednesday.

Chevron has underperformed Exxon Mobil Corp. over the past three years as it struggled to match its rival’s production growth while commodity prices rallied after the COVID-19 pandemic. The stock has begun to make up some ground over the past year with strong growth from the Permian Basin and the recent start up of its long-delayed Tengiz development in Kazakhstan.

Joann closing 500 stores in the U.S.

Struggling fabric and crafts seller Joann plans to close about 500 of its 800 stores across the U.S. — or more than half of its current nationwide footprint.

The move, announced Wednesday, arrives amid a tumultuous time for Joann. Last month, the Hudson, Ohio-based retailer filed for Chapter 11 bankruptcy protection for the second time within a year, with the company pointing to issues like sluggish consumer demand and inventory shortages.

At least 62 of the stores are in California, with 27 closing in Southern California.

Stores in all 50 states will be closing. Along with California, Florida, Indiana, Michigan, New York, Pennsylvania and Washington are the states expected to be the heaviest hit with closures.

The closures are expected to begin in the coming months. The announcement comes just weeks after the company filed for Chapter 11 bankruptcy for the second time in less than a year.

Denny’s closing up to 90 restaurants

Denny’s will close 70 to 90 restaurants this year as a part of their strategic plan to slash underperforming locations. The chain announced in October that they will be cutting 150 restaurants by the end of the 2025 fiscal year. In its October report, Denny’s said it planned to close 50 locations by the end of 2024 and the other 100 in 2025.

The fourth-quarter report released Wednesday said 30 locations were closed in the last quarter, with 88 locations overall closed last year. The report did not mention which restaurants would close this year.

Denny’s has been in business for over 70 years. There are currently 1,326 locations nationwide with 354 locations in California, according to its website.

Denny’s announcement comes after several other national chains that announced mass closures.

Party City said in December that it’s closing 700 stores after mounting financial pressures. Retail giant Macy’s announced last year it plans on closing 150 underperforming stores in three years. And Kohl’s also said in January it will shut 27 stores.

Compiled from Bloomberg, Associated Press and (Santa Rosa) Press-Democrat reports.