GOING DOWN, GOING BUST, GOING OUT

HILTON SHUTTERS TIMES SQUARE HOTEL. The hotel chain will close its Times Square inn for the foreseeable future next month and lay off 200 workers, the company has told New York state’s labor department. However, the company said the announcement “was not intended to imply that there is a permanent closure.”
UNITED AIRLINES TO CUT MORE JOBS. The struggling carrier announced another 16,370 employees will be furloughed as part of its plan to halve its U.S. workforce.
The cuts include 6,920 flight attendants, 2,850 pilots, 2,260 airport operations staff, and 2,060 maintenance workers.
Most of the workers will be let go on 1 October when federal financial aid ends. The airlines industry continues to negotiate with the Trump administration for longer-term support.
About 7,000 workers already have left the company, with another 20,000 on long-term furloughs or work-sharing arrangements.
By July, U.S. airlines had dropped about 50,000 workers, with more cuts in recent weeks that included 19,000 at American Airlines.
United’s September schedule is 63 percent of what it was a year ago. The airline expects traffic to hold around 50 percent of pre-pandemic levels until a vaccine is widely available.
FORD OFFERS EMPLOYEE BUYOUTS. Ford Motor Co. is offering buyouts to 1,400 salaried workers who are eligible to retire at the end of this year.
The buyouts would trim the company’s salaried U.S. workforce by almost 5 percent.
If not enough workers accept the buyouts, some will be fired to enable the company to reach the targeted number of cuts.
The cuts are part of Ford’s $11-billion restructuring plan that is closing factories, ending some vehicle models, and laying off workers in Europe, South America, and the U.S.
LORD & TAYLOR SHUTS DOWN. The company that established the first U.S. department store had planned to keep 14 stores open after filing for Chapter 11 bankruptcy on 2 August but now has decided to close all of its remaining 38 stores.
Liquidation sales are under way, including fixtures, furniture, and equipment.
URSA PICEANCE HOLDINGS GOES BUST. The Denver-based natural gas producer is the latest domestic energy company to file for Chapter 11 bankruptcy.
In November, the company will auction its holdings, including 41,000 acres of gas leases in western Colorado’s Piceance Basin, in an attempt to pay off $283 million in secured debt. Ursa has about $2.3 million in cash.
Denham Capital, a private equity firm, holds an interest in Ursa Resources.