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Nearly 1,800 retail employees lost their jobs at 4 major companies this week — and it shows the great retail shakeout is far from over
Layoffs at Barneys, Kohl's, Wayfair, and Jet Black point to strife for retailer workers even as the US job market reached a 50-year high in 2019.
Wayfair shares fell over 10% as news broke that the company would cut more than 500 jobs, including 350 from its headquarters.
Of around 350 total Jet Black employees, only 58 will be retained, according to a Walmart spokesperson.
In a statement to Business Insider, a Wayfair spokesperson said that 350 jobs will be impacted in its Boston headquarters.
Mercedes-Benz parent company Daimler is preparing to lay off 15,000 workers as it tries to adapt to electric cars
Daimler is wasting no time in making deep cuts to its workforce as the German auto industry continues to face tough times.
The Drive-Thru: Macy’s layoffs and store closures, South Korean Costco, and coronavirus hits delivery
Macy's closes stores, and the coronavirus hits more retailers in China. Read what happened this week in retail in The Drive-Thru.
Texas-based Pinnacle Logistics plans to lay off thousands of workers in Rockford, Illinois and Baltimore, Maryland.
Ancestry is laying off roughly 100 employees, CEO Margo Georgiadis said Wednesday, citing "a slowdown in consumer demand."
Lyft is planning to cut 90 jobs and make changes to its marketing and sales teams, ahead of its February earnings report
Since its debut on the public market last April, Lyft has fended off investor concerns and questions on its ability to turn a profit.
Macy's will also be closing 30 stores across the country this year, putting hundreds of jobs on the line.