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Stock impact report

Wine giant Gallo to lay off 90, shut down key Napa facility [Los Angeles Times (CA)]

First Citizens BancShares, Inc. - Class A (FCNCA) 
The Modesto company said Thursday the cuts are necessary to adapt to market dynamics and changing customer demands. In total, 93 employees across five sites will lose their jobs, according to a Worker Adjustment and Retraining Notice the company filed with the state last week. The “operational adjustments” will not “materially impact” the company's tasting rooms in Napa, Sonoma and Paso Robles, a spokesperson for the company said in a statement. Gallo plans to permanently close its Ranch Winery in St. Helena. In 2015, the company bought the “custom crush winery” capable of crushing 30,000 tons of grapes, hoping to bolster its presence in the super-premium and luxury wine segment. That investment has not panned out. The closure means 56 employees — including more than three dozen wine technicians — will lose their jobs between April 15 and the end of January 2027, according to the notice. Layoffs are also planned at Louis M. Martini Winery and Orin Swift Tasting Room in St. Show less Read more
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