Money, Wealth & Power—A Daily Look at the Financial World
E. & J. Gallo Winery is shutting down a major Napa Valley production facility and cutting dozens of jobs across five California locations, a move that strips away positions tied to some of the state’s most recognized wine labels. The closure of the 70-acre Ranch Winery in St. Helena, which Gallo purchased in 2015, eliminates…
OpenAI CEO Sam Altman accused fellow tech leaders of using artificial intelligence as a convenient excuse to justify workforce cuts that have nothing to do with the technology. Speaking at the India AI Impact Summit in February 2026, Altman told CNBC-TV18 that companies are engaged in “some AI washing” by blaming AI for layoffs they…
Frito-Lay, the snack division of PepsiCo, is closing a California warehouse and cutting 247 jobs, according to a Worker Adjustment and Retraining Notification filed with the state in February 2026. The filing lands just weeks after California expanded its WARN Act requirements, raising questions about how the new rules will shape employer behavior during a…
Red Lobster has shrunk its footprint through its Chapter 11 bankruptcy process and has warned that a smaller store base will be part of its path forward even after its court-supervised restructuring. The chain emerged under new ownership and new leadership, and the restructuring centered on closing underperforming restaurants. For longtime customers and the communities…
Crypto lender BlockFills suspended client withdrawals on February 11, 2026, as bitcoin prices slid sharply, according to Reuters. The company, backed by Susquehanna, serves institutional clients. The sudden freeze leaves some customers unable to access funds at a time of heightened volatility across digital asset markets. BlockFills Freezes Withdrawals as Bitcoin Falters BlockFills, a crypto…
Sam Altman used a high-profile appearance in New Delhi to call out a growing corporate tactic: blaming artificial intelligence for job cuts that were already on the chopping block. Speaking at the India AI Impact Summit, he said some companies are engaging in “AI washing,” invoking the technology as cover for layoffs they would have…
FATE S.A., Argentina’s sole domestically owned tire manufacturer, announced a shutdown and dismissed all 920 of its workers, ending decades of national production in a single stroke. The Buenos Aires provincial government responded by ordering mandatory conciliation to freeze the mass layoffs, but the company’s stated reason, changes in market conditions, points to structural pressures…
True Value Company, the decades-old hardware cooperative that built its name supplying independent retailers competing against big-box chains like Home Depot and Lowe’s, is ceasing operations as a standalone business. The company announced a sale agreement with fellow cooperative Do It Best and simultaneously initiated Chapter 11 proceedings in the U.S. Bankruptcy Court for the…
UPS announced on January 27, 2026, that it will cut up to 30,000 jobs this year, adding to the roughly 34,000 operational positions it already eliminated during the first nine months of 2025. FedEx, meanwhile, has been consolidating facilities across approximately 290 locations in the U.S. and Canada under its own restructuring plan. Together, the…
The Los Angeles Unified School District, the largest public school system in California, has voted to send layoff notices to a significant number of employees as it grapples with budget pressures that have forced difficult choices at the board level. The decision lands at a moment when public education systems across the state are already…