- Mary Hanbury
The retail industry has lost more jobs than any other industry this year as struggling stores cut costs in order to stay in business.
Challenger, Gray and Christmas Inc, an outplacement consultancy firm that works with companies during restructurings, said that 55,910 retail job cuts have been announced so far in 2017. Challenger’s data is based on information collected from SEC filings, news reports, and corporate announcements.
More than 3,200 store closures have already been announced this year, which will lead to thousands of retail jobs being eliminated.
Macy’s is leading the way with 10,000 job cuts announced so far in 2017. The department store said in January that it would be closing 68 of its 880 stores and axing jobs as it shifts more of its resources online.
Radioshack filed for bankruptcy earlier this year and closed most of its stores at the end of May, though the number of jobs lost has not yet been reported.
These job cuts are spurring a larger economic crisis, Mark Cohen, the director of retail studies at Columbia Business School, told Business Insider. “The people that work in retail stores will lose their jobs, then spend less money in retail stores because they are no longer employed. That creates a cascade of economic challenges,” he said.
Here is a list of the retailers cutting the most jobs in 2017:
- Challenger, Gray & Christmas Inc.