Companies Planning Layoffs, Closing Stores In Illinois

CHICAGO (CBS) — Seven companies are warning the State of Illinois that they are planning mass layoffs and even closing stores.

One such company is K-Mart. The discount retailer is closing stores in near west suburban Franklin Park, and downstate Washington, Ill. The move will leave 144 employees out of work.

Other companies on the list include Gold Standard Baking Inc., which will close a commercial bakery at 250 N. Washtenaw Ave. on Chicago’s West Side, and CD Listening Bar Inc. in Itasca, which sells CDs, DVDs, books and video games at the Web site, the Chicago Tribune reported.

The Gold Standard bakery shutdown will eliminate 73 jobs by the end of March, while the CD Listening Bar closure will eliminate 67 jobs by the end of this month, the Tribune reported.

Also planning layoffs, but not business closures, are Silgan Plastics in Woodstock, Novartis Pharmaceuticals Corporation in Schaumburg, ZipRealty Inc. in Park Ridge, Material Control Inc. in North Aurora, and Fulton Industries in Rockford, the Tribune reported.

Also, Dynegy Inc. is closing its Vermilion Power Station in Oakwood, Ill., which will mean 53 job losses, the Tribune reported.

The Illinois Department of Commerce and Opportunity requires all companies to provide the state with 60 days’ notice of plant closures or major layoffs.

  • irv

    kmart has been dead for years. they just did not keep up with the markets. blame the execs for 20th century marketing in the 21st century. too bad

    • Average Guy

      K-Mart and Sears is the same company. They are still branding and merging stores.

  • David

    Thanks for raising taxes Democrats. You are indeed economic geniuses.

    • melanie

      It’s poor executive management decisions and a lack of investment in the stores which have led to the closures-not the Democrats raising taxes. And the Republicans don’t raise taxes, right they call them fees. Give me a break.

    • Hugh

      Democrats? You think that Republicans are going to repeal/reverse taxes that are in place?

      They BOTH want increase in taxes rise above the two party false paradigm.

      • D.O

        What? The republican state legislator candidates in 2010 ran on lowering state spending, not on increased taxes. Sorry, this IS solely a democratic decision.

  • Now............

    this wouldn’t have ANYTHING to do with Quinn and his democratic moron’s tax increases on corps. would it??? NOT to mention the already rediculous sales tax in this state!!! That 1/2 percent cut really sparked a boom!!!

    • Suburbanite

      It is precisely due to the increased taxes. Good catch! If you’re a business and there is someone else looking to dip in your pocket, you realize at some point that you are not going to be sustainable.

  • Hawkeye

    With Obamacare and massive uncertainty, it is becoming very risky to operate any business.

  • loretta

    With Kmart, I also blame the employees working at the stores. I’ve gone into Kmart many times in the past and was treated very rudely when I would ask where could I find certain items. Then when it came time to check out, there were never more than two registers open when the lines were just about 15-20 customers long. People would spend more time waiting to check out than they would selecting the items they came to buy. Many people got so frustrated, they would leave the store. Because of this, I haven’t visited a Kmart in about 5-6 years.

  • bushpr

    I posted the following in January on my blog:
    Illinois made national attention on the news.

    Our newly elected governor is doing his best to push jobs out of Illinois by raising our income taxes 66%. On top of that our property taxes are already confiscatory and the power company caused a couple of our renters to close shop in our commercial property because of the exorbitant utility cost.

    After that post I wrote the governor giving my notice of vacating as well as soon as the snow disappears. It ain’t that far to Indiana.

  • bob

    Great job Quinn, Madigan & fellow democrats. Florida gov announced he was going to cut 3 billion and not raise taxes. What did you creeps cut? Nothing!! Just raise taxes to give raises to gov workers and fund the lavish pensions no other workers in the private sector get. Illinois is indeed the worst state in the union.

  • Lew

    I agree with Bob. The corrupt Dumycrats only care about themselves as government workers. They’re enriching themselves at the expense of businesses and middle-class taxpayers. Illinois will become the next Detroit because of these morons who have zero concept of business and economics.

  • Steven Bayne

    There can be little doubt that much of this is related to unfriendly tax legislation. Why did K-Mart chose now to leave, when (if as it has been suggested) they’ve been in trouble for so long and why aren’t they closing outside IL in these numbers. Why aren’t they closing down stores in Ohio, CA, etc? Clearly, the Democrat class warfare strategy is coming home to roost.

    • Average Guy

      First of all, K-Mart is doing ok because K-Mart is part of Sears Holdings in Hoffman Estates and I believe it is still in Illinois

      • Roberta Waker

        Actually Sears isn’t doing ok either which is why they took over K-Mart. Sears will be bankrupt within a couple of years because what they sell doesn’t last very long and they don’t stand behind what they sell. People will buy a good product; but they expect it to be guaranteed for at least a year and serviced if there is a problem. Sears sells cheap merchandise made in China and are paying the price.

  • Jim

    Go Democrats! The only thing that they cut are their moneybags because all of their fat salaries and pensions won’t fit.

  • South Side

    Here is a fact, you can look it up. Last year you each paid an average of $800 less in federal taxes due to Obama’s economic stimulus. You don’t want to believe that, do you? Look it up.

    • Oh REALLY??

      And here’s another FACT……………..that “cut” in fed taxes is NOW nullified by the state increase!!! YOU can look that up!! I’m sure you’re a democrat, so take your bull$hit obama-loving spin somewhere else!

  • tax payer

    TO all illinois politicians that votedfor the tax increase.there are more company that will exit out of illinois.whey,not all of you politicians to cut down your salaries and your cronies.listen to the people of illinois.

  • fredofalltrades

    Either you are all shills for the repugnantlicans or you have no clue how taxes work and how corporations get away with murder on your backs.
    1. most corporations pay no taxes becuz they deduct everything as expenses.
    2. Included in these expenses are humonguous salaries to executives and everyone they can get away with except labor.
    3. also included in the expenses are most housing, cars, food for the executives. so these people spend next to nothing of their income on living expenses.
    4. you should incorporate yourself, you could expense your mortgage your food, your car your gas, and pay no taxes. Also since most corporations are incorporated out of state, Quinns tax increase barely effects them check where most corporations which are in Illinois are incorporated, wanna bet its delaware???
    Unless you pay taxes on those online out of state purchases voluntarily you are a hypocrite.
    5 I have worked in accounting at several small Illinois corporations and know this is true,
    6 are you declaring all your income, then you are a hypocrite.
    7. the corporations control all the politicians, and if you dont believe it, where do you think all the campaign money comes from, oops you cant tell cuz the republicans undid camoaign reform where they had to report contributions over 10 grand.

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