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New York Post
09-07-2025
- Business
- New York Post
Luxury retailer Nordstrom closing stores in two states by end of August
Nordstrom is shutting down two of its stores by the end of August as the company tries to keep afloat. The retail industry faces several headwinds, from a challenging economic climate to shifting consumer behavior. Saint Louis Galleria Nordstrom store in St. Louis, Missouri, as well as the Nordstrom store in Santa Monica, California, will close on Aug. 24 and Aug. 26, respectively, the company confirmed to FOX Business. 'We believe we'll be best able to serve customers in each region by leveraging our surrounding stores and through our digital channels,' a Nordstrom spokesperson said in a statement. 'Decisions like this are never easy, and we understand the impact they have on our team members.' The company said it would help impacted employees find roles at other Nordstrom locations. 3 The Nordstrom store is pictured in Broomfield, Colorado, February 23, 2017. REUTERS The luxury retailer isn't the only one that has announced closures in recent years as the industry faces a rough patch, including lackluster sales and declining traffic. In January, Macy's identified 66 stores that it planned to close this year. The company is on track with its plans to close 150 locations over three years as part of its strategy, dubbed a 'Bold New Chapter,' aimed at helping the company achieve sustainable, profitable growth. 3 The company said it would help impacted employees find roles at other Nordstrom locations. Christopher Sadowski A month later, JCPenney announced plans to close a 'handful' of stores over the coming months as it struggled to keep pace with rapidly changing market conditions. Eight locations across eight states are closing, with the company citing reasons such as 'expiring lease agreements' and 'market changes.' To further highlight the industry's woes, last fall, U.S. retail closures reached the highest level since the COVID-19 pandemic, according to Coresight Research. 3 Shoppers walk by a Nordstrom sign at Westfield San Francisco Centre on May 11, 2023 in San Francisco, California. Getty Images Job cuts in the sector also surged 80% in the first five months of 2025 compared to the same period last year, according to a new report from Challenger, Gray & Christmas. '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.' Store closures also contributed to those cuts.
The Hill
03-07-2025
- Business
- The Hill
Layoffs climb to highest level since 2020: Research
Layoffs across the United States have climbed to the highest level since 2020, when the COVID-19 pandemic slowed down economies around the world, according to a new report that was published on Wednesday. The report, which was released by the executive coaching firm Challenger, Gray & Christmas, said companies have announced 744,308 job cuts so far this year, the highest tally since 2020, when 1,585,047 positions were slashed. Excluding the 2020 figures, the number of job cuts in 2025 is the highest since the first half of 2009, when 896,675 reductions occurred. The U.S.-based companies announced 47,999 job cuts in June, nearly 50 percent lower than the 93,816 reductions in May. 'The bulk of companies cited economic conditions last month. We saw some DOGE activity and have tracked over 2,000 jobs directly attributed to tariffs this year, but for the most part it was a quiet June,' the Challenger, Gray & Christmas' senior vice president and labor expert Andrew Challenger said in a statement. Challenger, Gray & Christmas laid out several reasons why layoffs have increased this year. The leading reason is the impact of the Department of Government Efficiency (DOGE), which was cited in 286,679 planned layoffs in 2025. Economic and market conditions was the second most-cited reason for reductions, linked to 154,126 cuts this year. The shutdown of stores, plants and units has resulted in 107,142 layoffs. Restructuring efforts have also caused 64,487 job cuts. Bankruptcies led to another 35,641 cuts. Retail has seen the most cuts in the private sector in 2025, with 79,865 reductions, an increase of 255 percent compared to the first half of 2024, when 22,467 job cuts took place. 'Retailers are one of the hardest hit business sectors by tariffs, inflation, and uncertainty. If consumer spending continues to fall, it could mean more job losses in this industry,' Challenger said in a statement.
Time of India
02-07-2025
- Business
- Time of India
US private payrolls unexpectedly decrease in June; layoffs remain low
U.S. private payrolls unexpectedly fell in June and job gains in the prior month were smaller than initially thought, the ADP National Employment Report showed on Wednesday. Private payrolls dropped by 33,000 jobs last month after a downwardly revised 29,000 increase in May. Economists polled by Reuters had forecast private employment increasing 95,000 following a previously reported gain of 37,000 in May. The ADP report, jointly developed with the Stanford Digital Economy Lab, was published ahead of the more comprehensive employment report for June due to be released on Thursday by the Labor Department's Bureau of Labor Statistics. There is no correlation between the ADP and BLS employment reports. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo The BLS' employment report is being published a day early because of the Independence Day holiday on Friday. Job growth has ebbed as businesses grapple with trade policy uncertainty, but companies have not yet resorted to widespread layoffs, keeping the labor market anchored. Live Events A separate report from global outplacement firm Challenger, Gray & Christmas showed job cuts announced by U.S.-based employers dropped 49% to 47,999 in June. Planned layoffs totaled 247,256 in the second quarter, down 50% from the January-March quarter. Hiring plans, however, dropped to 3,191 last month from 9,683 in May. Sluggish hiring was also evident in the government's Job Openings and Labor Turnover Survey, or JOLTS report on Tuesday, which showed a 112,000 decline in hires to 5.503 million in May. The JOLTS report also showed there were 1.07 job openings for every unemployed person in May, up from 1.03 in April. "Without a strong economic driver, hiring may remain measured through the rest of the year," said Andrew Challenger, senior vice president at Challenger, Gray & Christmas. Economists polled by Reuters expect the government's employment report to show private payrolls increased by 105,000 in June after rising 140,000 in May. Overall nonfarm payrolls are estimated to have advanced by 110,000 jobs after gaining 139,000 in May. The unemployment rate is forecast climbing to 4.3% from 4.2% in May.
Business Recorder
02-07-2025
- Business
- Business Recorder
US private payrolls unexpectedly decrease in June; layoffs remain low
WASHINGTON: U.S. private payrolls unexpectedly fell in June and job gains in the prior month were smaller than initially thought, the ADP National Employment Report showed on Wednesday. Private payrolls dropped by 33,000 jobs last month after a downwardly revised 29,000 increase in May. Economists polled by Reuters had forecast private employment increasing 95,000 following a previously reported gain of 37,000 in May. The ADP report, jointly developed with the Stanford Digital Economy Lab, was published ahead of the more comprehensive employment report for June due to be released on Thursday by the Labor Department's Bureau of Labor Statistics. There is no correlation between the ADP and BLS employment reports. The BLS' employment report is being published a day early because of the Independence Day holiday on Friday. Job growth has ebbed as businesses grapple with trade policy uncertainty, but companies have not yet resorted to widespread layoffs, keeping the labor market anchored. US job openings unexpectedly rise in May, hiring falls A separate report from global outplacement firm Challenger, Gray & Christmas showed job cuts announced by U.S.-based employers dropped 49% to 47,999 in June. Planned layoffs totaled 247,256 in the second quarter, down 50% from the January-March quarter. Hiring plans, however, dropped to 3,191 last month from 9,683 in May. Sluggish hiring was also evident in the government's Job Openings and Labor Turnover Survey, or JOLTS report on Tuesday, which showed a 112,000 decline in hires to 5.503 million in May. The JOLTS report also showed there were 1.07 job openings for every unemployed person in May, up from 1.03 in April. 'Without a strong economic driver, hiring may remain measured through the rest of the year,' said Andrew Challenger, senior vice president at Challenger, Gray & Christmas. Economists polled by Reuters expect the government's employment report to show private payrolls increased by 105,000 in June after rising 140,000 in May. Overall nonfarm payrolls are estimated to have advanced by 110,000 jobs after gaining 139,000 in May. The unemployment rate is forecast climbing to 4.3% from 4.2% in May.
Yahoo
07-06-2025
- Business
- Yahoo
Joann, Rite Aid, JCPenney, and other store closings contribute to a 274% surge in retail layoffs in 2025
Layoff announcements from U.S. employers have increased 80%, to 696,309 job cuts, through May of this year. That's in comparison with the 385,859 cuts announced throughout the first five months of 2024, according to the latest layoffs report from Challenger, Gray & Christmas, a Chicago-based executive outplacement firm. Why you're catching the 'ick' so easily, according to science Uber's new senior mode aims to remove barriers for aging riders Why AI Is Making 1:1 Meetings Irrelevant Federal government agencies have been most impacted by planned job cuts in 2025, with 284,827 job reductions year to date, compared with 36,325 U.S. government job cuts announced during the same period last year. Retail is the second-leading industry in job cuts this year, with 75,802 cuts since the start of 2025. That's a 274% increase in retail job reductions compared with the same period last year, when U.S. companies announced 20,276 layoffs. According to the report, DOGE-related efforts remain the leading reason given for job cut announcements this year. This includes reductions in federal employee and contractor roles, and private nonprofit layoffs resulting from federal funding cuts. Market and economic conditions were the second-most cited explanation for announced U.S. layoffs, followed by store closings. In a news release discussing the layoff report, Andrew Challenger, senior vice president of Challenger, Gray & Christmas, said: 'Tariffs, funding cuts, consumer spending, and overall economic pessimism are putting intense pressure on companies' workforces. Companies are spending less, slowing hiring, and sending layoff notices.' Store closings being among the top reasons cited for U.S. retail layoffs is unsurprising. Fast Company has written extensively about retail store closings throughout the U.S., from companies like Kohl's, Macy's, and JCPenney. While some retailers have chosen to shutter the doors of some locations, others have filed for bankruptcy protection and announced company-wide store closures. In January 2025, Joann filed for bankruptcy for a second time. The fabric and crafts store previously filed for bankruptcy protection in March 2024. Similarly, Rite Aid publicized its decision to file for Chapter 11 bankruptcy on May 5. The retail pharmacy first filed for bankruptcy in October 2023. As for hiring efforts, U.S. companies have announced 79,741 planned hires through May of this year, an increase of 57% from the same period last year. However, planned hiring announcements remain historically low compared with pre-pandemic and early-pandemic years. This post originally appeared at to get the Fast Company newsletter: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
