An 80-year-old family-owned furniture company — which says it is the largest furniture manufacturer in the world — is cutting hundreds of jobs while restructuring a Texas plant.

Earlier this month, Ashley Furniture filed a Worker Adjustment and Retraining Notification (WARN) with the Texas Workforce Commission, indicating that 266 employees will be laid off by May 7, as the company plans to “consolidate” its Mesquite facility.

“Ashley is consolidating manufacturing operations at its Mesquite, Texas facility with production at other Ashley manufacturing locations. Manufacturing operations at the Mesquite facility will conclude May 7, 2026,” Ashley told Fox News Digital in a statement.

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“Affected employees are being offered opportunities for available positions at other Ashley facilities, including roles in the Mesquite Distribution Center,” the spokesperson continued.

American-based furniture factory workers upholster a couch on Nov. 12, 2021. (Logan Cyrus/Bloomberg via Getty Images / Getty Images)

The formal WARN notice, initially obtained by Texas news outlet Chron, indicated that 109 upholstery training workers, 31 machine operators, 24 packing employees and additional cuts to inspectors, quality supervisors and material handlers would take place.

The state of Texas requires companies with more than 100 employees to provide at least a 60-day notice of closures or layoffs to “offer protection to workers, their families and communities,” according to the WARN Act website.

“This decision reflects Ashley’s ongoing efforts to optimize its manufacturing footprint, vertically integrate its facilities and strengthen long-term operational efficiency,” the statement said. “It reinforces our commitment to delivering high-quality products and exceptional service to customers worldwide, while continuing to adapt, grow and operate more efficiently in a dynamic and ever-changing industry.”

In October, the U.S. implemented a 10% tariff on softwood lumber and a 25% duty on certain imported furniture, which remain in effect, according to a White House proclamation. While the Trump administration has said the measures are intended to protect domestic industries and national security, higher costs are pressuring furniture makers that rely on global supply chains. 

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The home furnishing sector has also taken a hit as fewer Americans are moving, with mortgage rates hovering around 6% and pending home sales down 5.8% year over year, according to February data from the National Association of Realtors.

Ashley’s move follows broader industry changes, including store closures by companies such as IKEA and layoffs across the auto parts and logistics sectors, potentially signaling a wider recalibration of U.S. manufacturing in 2026.

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Treasury Secretary Scott Bessent said the U.S. government will not intervene in oil futures markets even as the administration moves to offset supply disruptions tied to the Iran conflict, arguing that Washington’s response will focus on boosting physical crude availability instead.

“We’re absolutely not doing that,” Bessent told FOX Business’ “Mornings With Maria” on Thursday, when asked about possible Treasury intervention in the futures market. “We’re not intervening in the financial markets. We are supplying the physical markets.”

In an interview with Maria Bartiromo, Bessent said the administration has prepared a coordinated supply response designed to cushion the impact of any temporary disruption around the Strait of Hormuz. He said the U.S. had already moved to “unsanction” Russian oil cargoes already on the water, estimated at about 130 million barrels, and could do the same with roughly 140 million barrels of Iranian oil in floating storage.

“In essence, by the time we unsanctioned the floating Iranian oil, we would have intervened and we would have created about 260 million excess barrels of energy,” Bessent said, calling that a “physical intervention” rather than a financial one.

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Secretary of Treasury Scott Bessent said the key to keeping oil prices in America down is to boost the oil supply for the rest of the world. (Nathan Posner/Anadolu via Getty Images / Getty Images)

Bessent said that volume could help cover what he described as a temporary deficit of 10 million to 14 million barrels per day if shipping through the strait is interrupted, providing roughly three weeks of market stabilization. He also pointed to a 400 million-barrel coordinated Strategic Petroleum Reserve release approved last week and said the U.S. could act again unilaterally if needed.

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“The largest coordinated SPR release in history, 400 million barrels, was approved last week,” he said. “The U.S. could unilaterally do another SPR release to keep the price down.”

About 20% of the world’s oil supply crosses the Strait of Hormuz off the coast of Iran. The Iranian Regime is threatening to attack any vessels that cross the strait without permission. (Fox News / Fox News)

Bessent framed the strategy as part of a broader effort to balance pressure on Iran with energy market stability. He said the U.S. has avoided striking Iranian energy infrastructure even while escalating military operations, arguing the goal is to preserve supply while keeping pressure on Tehran.

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“We have lots of levers,” Bessent said. “We’ve got plenty more that we can do.”

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Supplying the world more oil from Iran is going to ultimately bring down prices in America, according to Bessent, who noted the U.S. does not rely on Middle East oil but the chokepoint on oil through the Strait of Hormuz has indirectly strained supply and spooked crude futures markets.

With the 2026 lineup freshly announced featuring headliners like Charli XCX, Lorde, Jennie and The Smashing Pumpkins, demand for Lollapalooza Chicago tickets is surging. The festival’s one-hour exclusive presale window for the lowest-priced four-day passes opens Thursday, March 19, at 10 a.m. CT, and organizers warn that these Tier 1 deals vanish quickly as thousands of fans compete for limited inventory.

Lollapalooza returns to Grant Park July 30 through Aug. 2, 2026, promising four days of music across eight stages with more than 170 acts. But snagging tickets at face value — especially the cheapest tiers — requires precise preparation during the brief presale period before the public on-sale at 11 a.m. CT, when prices automatically increase and higher tiers activate.

Festival officials emphasize that the first hour of presale guarantees the lowest four-day ticket prices available all year. General admission four-day passes start at $399 in Tier 1, with GA+ at $735, VIP at $1,599, Platinum at higher levels and ultra-premium Lolla Insider packages reaching $29,000. Single-day tickets are not yet on sale but are expected later, often at steeper prices.

To access the presale, fans must register in advance on the official site. Visit lollapalooza.com/signup and enter an email address or phone number for notifications. Registered users receive a direct link or access code via email or text shortly before or at the 10 a.m. CT start time. Without registration, buyers miss the window entirely and face higher costs or sold-out options.

Veteran attendees and ticketing experts offer these key strategies to maximize chances during the critical one-hour period:

Prepare your account early. Create or log into a Front Gate Tickets profile — the official ticketing platform at lollapalooza.frontgatetickets.com — well ahead of time. Add payment information, shipping details (for wristbands) and any promo codes if applicable. Double-check that your browser is updated and cookies are enabled to avoid login glitches.

Use multiple devices and connections. Open the presale page on a computer, phone and tablet simultaneously. A stable, high-speed internet connection is essential; switch to wired Ethernet if possible or use mobile hotspot as backup. Avoid public Wi-Fi, which can be slow or drop during peak traffic.

Log in 10-15 minutes before 10 a.m. CT. The site often experiences heavy load right at open. Being pre-logged reduces wait times in virtual queues. Refresh the page strategically — too aggressively can trigger anti-bot measures.

Act fast on ticket selection. Once in, select four-day GA or desired tier immediately. Quantity limits apply (typically four per order), so decide in advance. Add to cart quickly, then proceed to checkout without hesitation. Layaway options start at $19 down for GA and $49 for GA+, allowing payment plans without losing the low price.

Monitor official channels. Follow @lollapalooza on X, Instagram and Facebook for real-time updates. The festival posts countdowns and reminders. Join Reddit’s r/Lollapalooza community for live threads where users share queue positions and tips as the window unfolds.

If the lowest tier sells out mid-presale, higher tiers remain available until 11 a.m. CT, when the general public joins and dynamic pricing kicks in. Past years show four-day passes often last into public sale but at increased rates, sometimes jumping $50-$100 per tier.

For those who miss the presale, alternatives exist. Verified resale platforms like StubHub, Vivid Seats, SeatGeek and Ticketmaster’s resale marketplace offer tickets with buyer guarantees against fakes or invalid entry. Prices fluctuate with demand — four-day passes currently hover around $612 and up on secondary sites, while single days start near $316. Avoid unverified sellers on social media or forums to prevent scams.

Festival organizers urge buying only through official channels or trusted partners. Wristbands ship months ahead and include RFID tech for entry; lost or damaged ones can be replaced at will-call with proof.

Demand drivers include the stacked lineup and Chicago’s summer appeal. Headliners span pop, hip-hop, rock and electronic genres, drawing international crowds. Grant Park’s lakefront setting adds to the allure, but capacity remains finite.

Experts note that presale success often hinges on speed and readiness rather than luck. “The one-hour window is designed to reward prepared fans with the best deals,” a Lollapalooza representative said. “Once it’s over, prices rise progressively as tiers deplete.”

Single-day tickets, when released, typically follow similar patterns but sell faster due to targeted artist interest. Fans eyeing specific headliners should monitor for one-day announcements.

As March 19 approaches, registration remains open at lollapalooza.com. Organizers advise acting now to secure access. With tickets historically selling out or escalating rapidly, preparation during this brief presale offers the clearest path to attending Lollapalooza 2026 at the lowest cost.

For the latest, check lollapalooza.com/tickets or the support hub at support.lollapalooza.com. Whether aiming for GA entry or VIP perks, the key is readiness when the clock hits 10 a.m. CT.

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Innovate UK is set to overhaul its funding strategy, shifting away from broad-based support for hundreds of thousands of “innovators” each year to concentrate its £1.1 billion budget on a smaller pool of high-potential companies.

The government’s innovation agency said the move is designed to accelerate the growth of early-stage technology firms capable of scaling into globally competitive businesses, with ambitions to create more UK success stories on the scale of chip designer Arm.

The strategic pivot marks a significant departure from Innovate UK’s previous ambition to support “a million innovators” annually. While the agency reached around 450,000 individuals in 2024, only a small proportion received direct financial backing, prompting concerns that resources were being spread too thinly to deliver meaningful economic impact.

Tom Adeyoola, who took over as executive chair last year, said the shift reflects a more targeted approach focused on outcomes rather than volume.

“It is a shift from a focus on quantity and funding projects to supporting companies and ensuring that they realise their potential,” he said. “We want to help businesses move from breakthrough ideas to becoming industry leaders that drive economic growth.”

Under the new strategy, Innovate UK will scale back or eliminate several longstanding grant schemes, including the widely used Smart Grants programme, which Adeyoola described as too broad due to its “stage agnostic” and “sector agnostic” design.

In its place, the agency will introduce more tightly defined funding streams aligned to specific sectors and stages of business growth. Programmes such as Women in Innovation will also be refocused to support female-led firms with high-growth potential rather than providing generalised support.

The agency has identified six priority sectors from the government’s industrial strategy where it believes the UK has a “genuine right to win”. These include advanced manufacturing, life sciences and digital technologies — spanning areas such as artificial intelligence, semiconductors and quantum computing.

At the same time, Innovate UK is launching a new concierge-style support service, “Velocity”, aimed at helping selected companies navigate funding, regulation and commercialisation challenges more effectively.

A key pillar of the revised approach will be the expansion of targeted funding initiatives such as the £100 million Growth Catalyst scheme, which provides grants covering up to 70 per cent of early-stage project costs and up to 45 per cent for larger research and development programmes.

The agency will also refocus its Business Growth advisory service and more closely align its network of Catapult centres, applied innovation hubs, with the needs of specific companies rather than broader sector engagement.

Adeyoola said Innovate UK would play a more active role in identifying market demand and matching it with emerging technologies, effectively acting as a bridge between research, entrepreneurship and commercial opportunity.

“We will spend more time identifying where demand exists and then supporting the entrepreneurs and academics best placed to meet that demand,” he said.

Central to the strategy is a renewed emphasis on leveraging private investment. Innovate UK believes that its technical validation and endorsement can act as a signal to investors, reducing risk and unlocking additional capital for high-growth firms.

“A key measure of success over my four-year period will be the amount of private capital flowing into companies coming through our system,” Adeyoola said.

To support this, the agency plans to strengthen links with major public finance institutions including the British Business Bank and the National Wealth Fund, while continuing to deliver approximately £1 billion of innovation programmes on behalf of other government departments.

While the new approach is designed to create globally competitive businesses, it raises questions about access to support for smaller or earlier-stage innovators who may fall outside the new criteria.

Innovate UK argues that concentrating resources will ultimately deliver greater economic returns, helping the UK compete more effectively in critical technologies and strengthen its position in an increasingly competitive global innovation landscape.

The strategy signals a clear shift in government thinking, from fostering widespread participation in innovation to backing fewer, more scalable companies capable of delivering outsized growth and long-term economic impact.

Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.