Final answer:
On January 1, 2024, the Highlands Company underwent a major restructuring, closing underperforming stores and laying off employees to improve financial performance.
Step-by-step explanation:
On January 1, 2024, the Highlands Company underwent a major restructuring. The company announced the closure of several underperforming stores and the layoff of a significant number of employees. This decision was made in response to declining sales and profitability. As a result, the company aimed to refocus its operations, streamline costs, and improve financial performance.