Retailpocalypse 2017: Hundreds of Stores Will Be Closing
After Christmas, all is not calm and bright in the retail world.
For those who are still under the illusion that our economy is great and prosperity is nigh, you might want to consider the massive loss of jobs that will be forthcoming as stores across the country go into damage control mode to try to stop the hemorrhaging from lackluster holiday sales.
Thousands of non-seasonal jobs are being cut as retail stores across the country close down or slash expenditures. If December is the most wonderful time of the year, then January is the most dismal. The beginning of the first quarter is the most common time to announce store closures and assess budgets.
The start of the year is a popular time to announce store closures. Nearly half of annual store closings announced since 2010 have occurred in the first quarter, CNBC reports. (source)
Last year, Wal-Mart stunned the country when they closed 269 stores in January.
Macy’s
The department store chain blames online sales for their woes.
Macy’s said Wednesday it has either closed or will shutter 68 stores and cut an additional 6,200 positions at a time when shoppers are going online to buy everything from scarves to lipstick.
Of the 68 stores out of 730 in total, nine closings had been previously announced and three locations have already shut down. But the retail giant revealed the locations of the remaining 59 stores, which will be shuttered by the middle of this year and affect 3,900 employees, some of whom may be offered jobs at other locations
…Additionally the retail giant says that it will be cutting “layers of management” at its central operations, and paring the number of managers supporting stores, making up the bulk of 6,200 jobs that will be lost.
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