The retail industry’s pain is being felt by its massive workforce.
Barely a quarter into 2017, year-to-date store closings have already topped the historical high of 2008, a Credit Suisse report said Thursday. About 2,880 stores have closed year to date, compared with 1,153 at the same time last year.
Since 60 percent of store closures are typically announced in the first five months of the year, Credit Suisse estimates there could be more than 8,640 store closings this year.
The impact of these closures — a mixture of shrinking store fleets and Chapter 11 filings — is already trickling into the industry’s nearly 16 million jobs. Almost 30,000 retail workers lost their jobs in March, and more than 60,000 jobs have been eliminated since January. Click here to read more.