Corporate layoffs are starting to pick up, especially among technology companies. Meta, the parent company of social media platforms Facebook and Instagram, is slashing 11,000 jobs, or 13% of its staff, in a cost-cutting move. Last month, U.S. companies announced nearly 34,000 layoffs, the highest monthly number since early 2021. And Tuesday, Woodcliff Lake-based retail chain Party City announced plans to let go of 19% of its corporate workforce as sales declined.
New Jersey is faring better than its neighbors when it comes to layoffs, according to the outplacement firm Challenger, Grey and Christmas. In the year to date through October, Garden State companies announced just over 2,300 job cuts, far fewer than those announced by companies in New York and Pennsylvania.
The American Dream mall has received a financial boost. NJ Advance Media reports the mall’s owner, Triple Five, has secured financing for four years from a group led by JP Morgan. The mall has had financial struggles during the pandemic, but recently reported an increase in gross sales. The mall is now 82% leased, an increase over last year. And American Dream says more people are visiting the shopping and entertainment complex.
