Mass Layoffs, High-Profile Deals, and Retail Shakeups: A Business Snapshot

Nearly 1.2 million U.S. jobs are slated to be cut by the end of November, marking the steepest rise in layoffs since the pandemic began.

Corporate Takeovers

Prada Group has officially purchased Milan fashion rival Versace for nearly $1.4 billion, adding a storied label to its portfolio.

Retail and E‑commerce

Shopify announced a Cyber Monday outage that left checkout services down for some merchants. Meanwhile, retailers warn that Black Friday and Cyber Monday are also prime targets for scammers.

Consumer Spending & Scams

Experts predict record Cyber Monday spending this year despite broader economic uncertainty. However, the holiday season’s lure also brings an uptick in online fraud.

Sports and Entertainment Valuations

CNBC’s 2025 NHL franchise valuations list the Maple Leafs, Rangers and Canadiens at the top of the 32‑team ranking for the 2025‑26 season.

Telecommunications and Tech

Verizon is cutting more than 13,000 jobs as it works to “reorient” the entire company and simplify operations. CEO Dan Schulman said a memo that began on Thursday: “Verizon’s current cost structure limits its ability to invest, particularly in customer experiences.”

Automotive Showcases

The Los Angeles Auto Show is opening its nearly 10‑day run Friday at the Convention Center, offering test drives, new brands, models and special guests.

Food Industry Shakeups

Walmart’s longtime CEO Doug McMillon will retire at the end of January. Wendy’s expects to close hundreds of restaurants nationwide under a company‑wide overhaul. Denny’s has been acquired by a group of investors in a deal that will take the breakfast chain private.

Retail Theft Incidents

A Glendale streetwear store lost about $10,000 worth of merchandise Friday night, according to a store manager who described a suspect speaking with the manager before leaving. Separately, the California Highway Patrol announced arrests in a $900,000 home‑improvement store theft operation.

Labor Market Snapshot

The ADP private jobs report shows U.S. companies added just 42,000 jobs in October, one of the few available measures during the government shutdown.

Takeaways

• The U.S. workforce faces a historic wave of layoffs, with 1.2 million jobs targeted this year.
• Major corporate moves include Prada’s $1.4 billion purchase of Versace and Denny’s privatization deal.
• Retailers confront both high consumer spending and increased fraud risks during the holiday season.

These developments paint a picture of a dynamic, yet uncertain business environment where companies are reshaping strategies, cutting costs, and navigating consumer behavior.