Moe’s Southwest Grill Closures and Other Layoffs in Indiana
STATEWIDE–So far in the month of August, there have been more than 1,300 layoffs from businesses in Indiana.
Some of those businesses are in Ashley, Kokomo, and Columbus. The largest amount of those have come from a Tyson Foods poultry processing facility in Corydon where 368 workers were laid off.
“People clearly remain concerned about where the economy is headed and nobody has that crystal ball to know exactly where it’s headed. Companies are clearly making decisions based, in part, on where things are going this year and next,” said Gerry Dick, President of Inside Indiana Business in an interview with WIBC’s Tony Katz.
Tyson said that it will shift production to other facilities and halt operations at four plants in the first two quarters of fiscal 2024. The company currently estimates having $300 million to $400 million in total charges, based on a preliminary analysis. Tyson started a plan in fiscal year 2022 where it wants to save $1 billion by the end of fiscal year 2024.
Tyson also laid off 15% of its senior leadership and 10% of its corporate workers in April as it faces steep inflation on labor, grain and other inputs.
Moe’s Southwest Grill has also decided to close 7 of its restaurants in Indiana. No reason for the closures has been given.
Despite all this, Dick says there is reason for optimism.
“We are seeing a lot of interest in Indiana. The state is still getting economic wins with some good deals,” said Dick.
He pointed to the fact that the first ever “Rally Conference” is being held this week in Indianapolis, which is considered the largest global cross-sector innovation conference. Leaders there want to make an investment in Indiana and the capital city.
He also mentioned Indianapolis-based ConverSight, a startup that seeks to leverage generative AI to provide better and faster data analytics to enterprises, landed $9 million in venture funding.
The 2024 NBA All-Star Game will be held at Gainbridge Fieldhouse in Indianapolis, which Dick also says will bring lots of revenue to Indianapolis and the surrounding areas.
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