Tag: cnn business news

Jenny Craig bankrupt, will close down business in US and Canada

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Business News
After 40 years in business, Jenny Craig’s weight-loss chain has announced it is closing down in the US, Canada, and possibly several other markets around the world. Reports of the chain’s demise first emerged last week, when the chain was scrambling to come up with cash to cover a looming debt payment, and warning staff of major layoffs to come The business — which offers pre-made meals and coaching lessons to millions of people trying to lose weight — has roughly 500 franchises across the US and Canada, and more globally. It was founded by American entrepreneur Jenny Craig in…

New food processing center to open in Kansas City

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Business News
KANSAS CITY — West Liberty, Iowa-based West Liberty Foods and Dakota Dunes, SD-based Vertical Cold Storage will partner on a 327,000-square-foot food processing center and supporting cold storage facility, according to the Kansas City Area Development Council. The two companies expect to invest a combined $199.6 million in the project. The facilities will be directly connected and create 583 jobs, with $39.7 million in payroll. “We are thrilled to have the opportunity to expand our signature protein offerings with our new premade grab-and-go sandwich program,” said Brandon Achen, chief executive officer of West Liberty Foods. “Based on its proximity to…

Can SMBs Help Workers In Debt?

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Business News
One unfortunate consequence of the pandemic was that many workers became indebted. Now, they have trouble making ends meet while also paying their debts. But the pandemic also spurred the rise of many new small and midsize businesses, which could be the perfect solution to the problem of worker debt. Six in ten employees admit to being concerned about the amount of household debt they have, as well as the lack of opportunities in the workplace to rectify them. Small and midsize businesses can play a vital role in solving workers’ debt problems, especially when SMBs open doors to many…

Meta’s Threads is now the fastest-growing platform after 100 million users signed up in the first five days

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Meta’s Twitter rival Threads crossed 100 million sign-ups within five days of launch, CEO Mark Zuckerberg said on Monday, dethroning ChatGPT as the fastest-growing online platform to hit the milestone. Threads have been setting records for user growth since its launch on Wednesday, with celebrities, politicians and other newsmakers joining the platform seen by analysts as the first serious threat to the Elon Musk-owned social media app. “That’s mostly organic demand, and we haven’t even turned on many promotions yet,” Zuckerberg said in a Threads post announcing the milestone. The app’s sprint to 100 million users was much faster than…

Inflation dip won’t be enough to stop another bank rate hike: analysts

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OTTAWA – Forecasters are expecting the Bank of Canada to move ahead with another interest rate hike in July, even as they expect the annual inflation rate to slow significantly. Statistics Canada is set to release its consumer price index report for May on Wednesday, providing the most up-to-date inflation reading ahead of the Bank of Canada’s interest rate decision on July 12. “I think this release is probably going to be a fairly optimistic one for inflation, in the sense that we are expecting the inflation rate to go down below four per cent,” said James Orlando, TD’s director…

Smith faces a slew of financial challenges in Alberta after election victory

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After faltering about a decade ago in her ambitions to lead the Wildrose Party to power in Alberta, Danielle Smith found redemption on Monday night as leader of the United Conservative Party with a majority victory in the provincial election. Smith became premier in October after winning the UCP leadership vote in the wake of Jason Kenney’s resignation, and now has a much broader mandate after a victory over the Alberta New Democratic Party. “To paraphrase our dear friend Ralph Klein, ‘Welcome to another miracle on the Prairies,'” Smith said to cheers from the crowd in Calgary. The election comes…

Inflation rate unexpectedly increased in April, jumping up to 4.4%

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Canada’s inflation rate reversed its cooling trend last month and moved higher, to a 4.4 per cent annual rate. Economists had been expecting new data released by Statistics Canada on Tuesday to show the cost of living had eased from March’s 4.3 per cent pace to something around 4.1. Instead, it moved higher again, as the cost of things like gasoline, rent and mortgages increased during the month. It’s the first acceleration in the cost of living since June of 2022, when Canada’s inflation rate hit a more than 40-year high of 8.1 per cent. Food prices have been a…