Close Menu
The Politics
    What's Hot

    2 dead and at least 58 sick from growing Legionnaires’ disease cluster in New York City

    August 5, 2025

    Oil major BP posts second-quarter profit beat despite annual drop

    August 5, 2025

    How Much Coffee Is Too Much? Here’s What the Science Says

    August 5, 2025
    Facebook X (Twitter) Instagram
    • Demos
    • Politics
    • Buy Now
    Facebook X (Twitter) Instagram
    The Politics
    Subscribe
    Tuesday, August 5
    • Home
    • Breaking
    • World War
    • World
      • Africa
      • Americas
      • Asia Pacific
      • Europe
    • Sports
    • Politics
    • Business
    • Entertainment
    • Health
    • Tech
    • Weather
    The Politics
    Home»Business»Retail job cuts spike as major chains close stores amid economic pressure
    Business

    Retail job cuts spike as major chains close stores amid economic pressure

    Justin M. LarsonBy Justin M. LarsonJune 9, 2025No Comments3 Mins Read
    Share Facebook Twitter Pinterest Copy Link LinkedIn Tumblr Email VKontakte Telegram
    Share
    Facebook Twitter Pinterest Email Copy Link


    ReverseLogix.com CEO Gaurav Saran on how return fraud continues to hinder operations at retailers.

    The number of job cuts announced in the first five months of 2025 increased 80% from the same period the prior year, according to a new report from Challenger, Gray & Christmas.

    Employers have announced approximately 696,000 job cuts through May. In 2024, that number was just over 385,000. According to the report, job cuts are only 65,000 away from matching the total for all of 2024.

    “Tariffs, funding cuts, consumer spending, and overall economic pessimism are putting intense pressure on companies’ workforce,” said Andrew Challenger, senior vice president of Challenger, Gray & Christmas, in the report. “Companies are spending less, slowing hiring, and sending layoff notices.”

    CRAFTS RETAILER TO CLOSE ALL REMAINING STORES THIS WEEK

    Efforts initiated by the Department of Government Efficiency (DOGE) are the leading reason for job cut announcements in 2025, according to the report. That includes federal government jobs, contractors and private nonprofit layoffs prompted by federal funding cuts and terminated contracts.

    Elon Musk shows off DOGE shirt

    White House Senior Advisor Elon Musk walks to the White House after landing in Marine One on the South Lawn with U.S. President Donald Trump. (Photo by Samuel Corum/Getty Images / Getty Images)

    The report also cited economic and market conditions as a reason for increased layoffs. Additionally, the report said that retail job cuts closed in on 76,000 for the year, marking the second-highest industry for job cuts behind the federal government, and accounted for a whopping 274% increase over 2024.

    A "Store Closing" sign displayed outside a Joann store in Savannah, Georgia, US, on Saturday, April 12, 2025. Wall Street economists maintained their forecasts for a sharp slowdown in US economic growth and warned recession risk is still elevated despite the Trump administration's decision this week to delay major tariffs on a wide range of trading partners. Photographer: Parker Puls/Bloomberg via Getty Images

    A “Store Closing” sign displayed outside a Joann store in Savannah, Georgia, on April 12, 2025. (Parker Puls/Bloomberg via Getty Images / Getty Images)

    Store closures contributed to job losses, with some retailers closing locations amid economic pressures, and others forced to file for bankruptcy and shut down operations entirely.

    JOANN CUSTOMERS UPSET BY RETAILER’S MOVE TO STOP TAKING GIFT CARDS AHEAD OF STORE CLOSURES

    Macy's Department Store

    Shoppers exit a Macy’s department store in Las Vegas, Nevada, on Sunday, Nov. 7, 2021.  (Bridget Bennett/Bloomberg via Getty Images / Getty Images)

    Well-known department store retailers such as JCPenney and Macy’s announced store closures in 2025. Forever 21, a fashion retailer, announced the closure of hundreds of stores as it winds down its business, primarily due to competition from Shein and Temu. Rite-Aid, Walgreens and Party City also announced closures.

    Craft retailer Joann announced in February it would close all its stores following its second bankruptcy filing within one year. The store, famous for its assortment of fabrics, once operated over 800 locations in the U.S. All of its remaining stores, following its latest bankruptcy filing, closed by the end of May.

    GET FOX BUSINESS ON THE GO BY CLICKING HERE



    Source link

    Related

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email Telegram Copy Link
    Justin M. Larson
    • Website

    Related Posts

    Business

    Chinese AI models challenge US dominance as tech gap narrows

    August 4, 2025
    Business

    Trump praises Sydney Sweeney ad, American Eagle stock jumps over $1

    August 4, 2025
    Business

    Social Security commissioner hits back at Warren’s mismanagement claims

    August 4, 2025
    Business

    Tesla grants CEO Elon Musk new $29 billion pay deal to retain him

    August 4, 2025
    Business

    Dave Portnoy slams young progressives pushing socialism in Democratic Party

    August 4, 2025
    Business

    Boeing strike by 3,200 defense workers threatens F-47 fighter production

    August 4, 2025
    Add A Comment
    Leave A Reply Cancel Reply

    • Africa
    • Americas
    • Asia Pacific
    • Breaking
    • Business
    • Economy
    • Entertainment
    • Europe
    • Health
    • Politics
    • Politics
    • Sports
    • Tech
    • Top Featured
    • Trending Posts
    • Weather
    • World
    • World War
    Economy News

    2 dead and at least 58 sick from growing Legionnaires’ disease cluster in New York City

    Justin M. LarsonAugust 5, 20250

    Two people have died and at least 58 people have been diagnosed with Legionnaires’ disease…

    Oil major BP posts second-quarter profit beat despite annual drop

    August 5, 2025

    How Much Coffee Is Too Much? Here’s What the Science Says

    August 5, 2025
    Top Trending

    2 dead and at least 58 sick from growing Legionnaires’ disease cluster in New York City

    Justin M. LarsonAugust 5, 20250

    Two people have died and at least 58 people have been diagnosed…

    Oil major BP posts second-quarter profit beat despite annual drop

    Justin M. LarsonAugust 5, 20250

    Trowbridge in Somerset, England, on March 15, 2025.Anna Barclay | Getty Images…

    How Much Coffee Is Too Much? Here’s What the Science Says

    Justin M. LarsonAugust 5, 20250

    It’s generally safe to drink four 8-ounce (oz) cups of coffee per…

    Subscribe to News

    Get the latest sports news from NewsSite about world, sports and politics.

    Advertisement
    Demo
    Editors Picks

    Review: Record Shares of Voters Turned Out for 2020 election

    January 11, 2021

    EU: ‘Addiction’ to Social Media Causing Conspiracy Theories

    January 11, 2021

    World’s Most Advanced Oil Rig Commissioned at ONGC Well

    January 11, 2021

    Melbourne: All Refugees Held in Hotel Detention to be Released

    January 11, 2021
    Latest Posts

    Review: Russia’s Putin Sets Out Conditions for Peace Talks with Ukraine

    January 20, 2021

    Review: Implications of San Francisco Govts’ Green-Light Nation’s First City-Run Public Bank

    January 20, 2021

    Queen Elizabeth the Last! Monarchy Faces Fresh Demand to be Axed

    January 20, 2021
    Advertisement
    Demo
    Editors Picks

    2 dead and at least 58 sick from growing Legionnaires’ disease cluster in New York City

    August 5, 2025

    Oil major BP posts second-quarter profit beat despite annual drop

    August 5, 2025

    How Much Coffee Is Too Much? Here’s What the Science Says

    August 5, 2025

    Gifford Fire burns over 72,000 acres in California

    August 5, 2025
    Latest Posts

    Review: Russia’s Putin Sets Out Conditions for Peace Talks with Ukraine

    January 20, 2021

    Review: Implications of San Francisco Govts’ Green-Light Nation’s First City-Run Public Bank

    January 20, 2021

    Queen Elizabeth the Last! Monarchy Faces Fresh Demand to be Axed

    January 20, 2021
    Advertisement
    Demo
    Facebook X (Twitter) Pinterest Vimeo WhatsApp TikTok Instagram

    News

    • World
    • US Politics
    • EU Politics
    • Business
    • Opinions
    • Connections
    • Science

    Company

    • Information
    • Advertising
    • Classified Ads
    • Contact Info
    • Do Not Sell Data
    • GDPR Policy
    • Media Kits

    Services

    • Subscriptions
    • Customer Support
    • Bulk Packages
    • Newsletters
    • Sponsored News
    • Work With Us

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    © 2025 The Politics Designed by The Politics.
    • Privacy Policy
    • Terms
    • Accessibility

    Type above and press Enter to search. Press Esc to cancel.