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February 06, 2012
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Wills & Trusts News

 

U.S. Labor Secretary Announces $2.2 Million Grant to Aid Dislocated Retail Industry Workers in Massachusetts

WASHINGTON — U.S. Secretary of Labor Elaine L. Chao recently issued a grant of $2,281,237, with an initial increment of $1,110,464, to assist approximately 400 workers affected by the merger of Federated Department Stores with May's Department Stores in Boston. As part of the merger, Federated Department Stores announced the closure of several locations throughout the Commonwealth.

"Massachusetts workers affected by the closure of these facilities will need assistance to gain employment in industries experiencing high growth," said Chao. "Training and other services will be available to affected workers through the more than $2.2 million grant the Commonwealth is receiving. It is important that this funding be used to prepare these workers for careers that offer stable employment and the opportunity to grow."

On Jan. 20, Federated Department Stores issued a Worker Adjustment and Retraining Notification (WARN) stating plans to close nine locations as part of the merger with May's Department Stores. Plans include the closure of Filene's, Macy's and Lord and Taylor department stores throughout the Commonwealth.

The grant, awarded to the Massachusetts Department of Labor and Workforce Development, will provide an array of reemployment services, including skills assessment, individual counseling, case management, job readiness training and occupational training. Other services also may include job search and relocation assistance.

National Emergency Grants are part of the secretary's discretionary fund and are awarded based on a state's ability to meet specific guidelines. For more information on National Emergency Grants and other Department of Labor employment and training programs, please visit doleta.gov/NEG/.

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Market

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A setting in which buyers and sellers establish prices for identical or very similar products, and exchange goods or services.

American Stock Exchange

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One of the key stock exchanges in the United States, it consists mainly of stocks and bonds of companies that are small to medium-sized, compared with the shares of large corporations traded on the New York Stock Exchange..

Gold standard

Definition:
A monetary system in which currencies are defined in terms of a given weight of gold.

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