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Time of India
01-07-2025
- Business
- Time of India
Layoff wave spreads across US: Starbucks, FedEx, Frito-Lay, Microsoft may axe jobs in July - here's what's going wrong
Layoffs across the United States are expected to intensify this month, with nearly 95 employers planning job cuts in July, according to data from cited by ET. The mass layoffs span a wide range of industries including tech, retail, healthcare, delivery, pharmaceuticals, and manufacturing, with thousands of jobs on the line. Companies are required to submit WARN (Worker Adjustment and Retraining Notification) notices before executing such large-scale reductions. While some companies are restructuring for profitability, others cite Donald Trump's tariff moves, inflation and weaker consumer demand as driving factors. A mong the highest-profile cuts, Microsoft is expected to lay off between 1,000 and 2,500 workers this month. Here's the full list of employers grouped by sector: Technology, Software & Digital Services Microsoft Google Amazon 10x Genomics Technology Partner Remote Workers RTX Eikon Therapeutics Retail, Food & Beverage Foot Locker Starbucks Panera Frito-Lay Kroger (closing 60 stores) The Fresh Market Tom Thumb Store GTM Discount General Store Lamps Plus Museum of Ice Cream End of Sandwich Tavern Restaurant Healthcare & Pharmaceuticals CVS Genentech Allergan Aesthetics MedStar Mobile Healthcare Virginia Mason Franciscan Health Virtual Services Crothall Healthcare Morrison Healthcare Eagle Healthcare American Contract Systems Main Street Manor Waste Harmonics Keter Delivery, Logistics & Airlines UPS FedEx GEODIS Menzies Aviation NFI Industries Saddle Creek Corporation Manufacturing & Industrial Chevron Berry Global INOAC Exterior Systems Mortech Manufacturing Company Barrette Outdoor Living Silgan Containers Manufacturing Corporation Coronado Stone Products Revlon Consumer Products Advanced Pressure Technology Globe Motors Cornerstone Chemical Company U-Line Corporation Collins Aerospace Air Distribution Technologies Anthony International Atco Rubber Products Kraton L.A. Turbine Spreckels Sugar Company Education & Research Unitek Learning Education Group American Institutes of Research College Success Foundation Financial Services & Staffing Atria Wealth Solutions PMAB-5 Summit BHC New Jersey Tend Exchange Subsidiary / Delaware Tender Staffing Navitor Wells Fargo Mulligan Security Consumer Goods & Apparel S&S Activewear LaCroix Colosseum Athletics Primo Brands Telecom & Utilities United States Cellular Corporation First Student Agriculture, Chemicals & BioTech Corteva Pivot Bio Lewis Tree Service F&S Produce West Other Enterprises Surfair Mobility Vigor Alaska Dufry by Avolta GroundGame Health Island Peer Review Org Truvant North America Powin All-Rite Leasing Jai's Six Flags Entertainment Corporation Lakeshore Learning Materials While retail sales remain largely stable, executives and analysts warn of growing consumer caution. According to the ET report, Mark Mathews, research director at the National Retail Federation (NRF), said: 'We're seeing an uptick in higher-income consumers shopping at discount and off-price retailers. This kind of trading down is a signal of distress beneath the surface.' Ben Johnston, COO of small business lender Kapitus, said many businesses are now taking a wait-and-see approach, avoiding growth investments due to uncertainties around tariffs and demand. At Kroger, interim CEO Ronald Sargent said the 60-store closure plan is aimed at improving profitability while continuing to open new stores in high-growth regions. Walgreens is also executing a 1,200-store closure strategy, with 500 stores shutting in FY25. Together, the WARN notices, cautious borrowing, and softening demand suggest the US economy may be entering a more vulnerable labour phase, driven by a mix of regulatory pressure, political uncertainty, and shifting consumer confidence. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Miami Herald
01-07-2025
- Business
- Miami Herald
List of Companies Laying Off Employees in July
Thousands of employees across various industries are expected to be laid off in July. Companies are required to send out a Worker Adjustment and Retraining Notification Act (WARN) notice before implementing mass layoffs. Roughly 95 employers plan to lay off workers in July, according to The United States economy is responding to governmental actions, including the imposition of widespread tariffs on countries worldwide and a decline in consumer sentiment. Layoffs may not directly correlate to the current economic climate, as some companies strive to maximize profits at the behest of the broader workforce. Others attempt to better fulfill demand. The roughly 100 companies laying off employees throughout July indicate an improvement in the business sector, as about 160 companies laid off workers in June. The layoffs will affect multiple industries, including retail, pharmaceuticals, food and beverage, health care, package delivery and more. Employee layoffs vary by company and location, with some laying off between one and 25 employees. The layoffs are more drastic at some companies, such as Microsoft, where between 1,000 and 2,500 workers are expected to lose their jobs in July. The full list, based on WARN notices via includes: First StudentUnited States Cellular CorporationLaCroixHSNChevronBerry GlobalPrimo BrandsUPSGalion Pointe Nursing & RehabABM IndustriesAtco Rubber ProductsMortech Manufacturing CompanyMedStar Mobile HealthcareBarrette Outdoor LivingINOAC Exterior SystemsUnitek Learning Education GroupS&S ActivewearAtria Wealth SolutionsStarbucksC&S Wholesale GrocersCortevaSSB Manufacturing CompanyGoogleFedExLamps PlusSurfair MobilityAmerican Institutes of ResearchAmazonFoot Locker10x GenomicsVigor AlaskaKratonL.A. TurbineAir Distribution TechnologiesAnthony InternationalCVSCollege Success FoundationColosseum AthleticsDufry by AvoltaMuseum of Ice CreamGroundGame HealthReyes Coca-Cola BottlingLakeshore Learning MaterialsFrito-LayGenentechIsland Peer Review OrgEagle HealthcareTechnology PartnerWells FargoMulligan SecurityTransAxleTruvant North AmericaCollins AerospacePMAB-5Revlon Consumer ProductsNavitorWIOSS AtlantaLewis Tree ServiceF&S Produce WestSix Flags Entertainment CorporationPivot BioTend Exchange Subsidiary/Delaware Tender StaffingEikon TherapeuticsCoronado Stone ProductsSilgan Containers Manufacturing CorporationAllergan AestheticsPaneraMain Street ManorWaste Harmonics KeterGlobe MotorsCrothall HealthcareMorrison HealthcareNFI IndustriesTom Thumb StoreAdvanced Pressure TechnologyVirginia Mason Franciscan Health Virtual ServicesEnd of Sandwich Tavern RestaurantRemote WorkersPowinAll-Rite LeasingRTXSummit BHC New JerseyGEODISMenzies AviationJai'sGTM Discount General StoreBridgestone TiresSaddle Creek CorporationLiberty Residential ServicesThe Fresh MarketSpreckels Sugar CompanyAmerican Contract SystemsCornerstone Chemical CompanyU-Line Corporation Other companies, such as Kroger, are closing approximately 60 of their stores nationwide over the next 18 months. A Kroger spokesperson declined to comment to Newsweek on the closures or provide a list of locations and dates of expected cessation of operations. In an October 2024 earnings announcement, Walgreens CEO Tim Wentworth announced the intended closure of 1,200 stores, with the first 500 closures scheduled for the first fiscal year as part of a new footprint optimization strategy. Evaluating a long-term footprint "is ongoing and evolving." "We will continue to execute our previously announced turnaround plan aimed at stabilizing the retail pharmacy, including our footprint optimization program," the company told Newsweek. "Increased regulatory and reimbursement pressures are weighing on our ability to cover the costs associated with rent, staffing, and supply needs. "It is never an easy decision to close a store, and we know how important they are to the communities we serve and therefore do everything possible to improve their performance. When closures are necessary, we will work in partnership with community stakeholders to minimize customer disruptions." Mark Mathews, executive director of research at the National Retail Federation (NRF), told Newsweek that some consumers are still willing to spend, but the retail market beyond top-line growth is experiencing some "distressed behavior." "We see consumers, especially in higher-income households, trading down to Discount Dollar and off-price," Matthews said. "We've seen some retailers that operate in that space. They're seeing extremely high levels of higher-income consumers shopping there. "While topline retail sales aren't impacted yet, we're definitely seeing some of the concern that consumers are expressing when you look at consumer sentiment translating into changes in the way that people are spending their money. They're just being a little bit more careful. They're definitely looking for promotions and sales. We have a pretty cautious consumer." Ben Johnston, chief operating officer of small business lender Kapitus, told Newsweek that the "tremendous amount of optimism" at the beginning of this calendar year has faded as consumer sentiment has worsened. "Our borrowing base is continuing to perform well, and it looks to me like business owners, at least our constituents, are being really responsible," Johnston said. "They're not taking on growth projects that they're not confident in, but they're taking on that normal business. "They're not looking to make a big financial bet right at this moment. I think they're taking a wait-and-see approach to what's going to happen with tariffs and where the economy is going to go in the fall." Matt Sable, Co-Head of J.P. Morgan Commercial Banking, previously told Newsweek: "Business leaders are managing through a lot of unknowns—from policy uncertainty to market volatility and beyond—and are thoughtfully recalibrating their strategic plans as they seek more clarity about the future." "Business leaders are most concerned about uncertain economic conditions heading into the second half of the year," he said. "Other key factors like tariffs, policy uncertainty and geopolitical events are top of mind as well. While the near-term may seem uncertain, they're operating with a long-term view, focusing on what they can control to run and grow their businesses." Last week, Federal Reserve Chair Jerome Powell said the U.S. economy was "in solid shape," after the central bank opted to hold off on interest rate cuts. Powell, however, warned of "very high uncertainty" due to tariffs, adding: "Everyone that I know is forecasting a meaningful increase in inflation in coming months from tariffs." Related Articles Map Shows Cities Where Malls are Dying Off FastestFired Federal Workers Struggle To Get New Jobs in Private SectorMan Gets Work Message Not Meant for Him-Then Everything ChangesWalmart Lays Off Employees in Three States: What To Know 2025 NEWSWEEK DIGITAL LLC.
Economic Times
01-07-2025
- Business
- Economic Times
US job market in trouble? Starbucks, Google, Frito-Lay and more hit with brutal layoffs in July
Why are the layoffs being announced? Live Events Kroger plans to close 60 US stores Retail market experiencing 'distressed behaviour' (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The layoff season will continue will July with thousands of employees across various sectors will be fired this month in the United States. Roughly 95 employers plan to lay off workers in July, according to reports NewsWeek. But companies are needed to send out a Worker Adjustment and Retraining Notification Act (WARN) notice before implementing mass industries, including retail, pharmaceuticals, food and beverage, health care, package delivery and more will announce layoffs in July. Though the number of employees to be laid off varies from company to company, it can be drastic at some firms such as Microsoft where between 1,000 and 2,500 workers are expected to lose their jobs in United States economy is responding to governmental actions, including the imposition of widespread tariffs on countries worldwide and a decline in consumer sentiment. Layoffs may not directly correlate to the current economic climate, as some companies strive to maximize profits at the behest of the broader workforce. Others attempt to better fulfill demand, the report StudentUnited States Cellular CorporationLaCroixHSNChevronBerry GlobalPrimo BrandsUPSGalion Pointe Nursing & RehabABM IndustriesAtco Rubber ProductsMortech Manufacturing CompanyMedStar Mobile HealthcareBarrette Outdoor LivingINOAC Exterior SystemsUnitek Learning Education GroupS&S ActivewearAtria Wealth SolutionsStarbucksC&S Wholesale GrocersCortevaSSB Manufacturing CompanyGoogleFedExLamps PlusSurfair MobilityAmerican Institutes of ResearchAmazonFoot Locker10x GenomicsVigor AlaskaKratonL.A. TurbineAir Distribution TechnologiesAnthony InternationalCVSCollege Success FoundationColosseum AthleticsDufry by AvoltaMuseum of Ice CreamGroundGame HealthReyes Coca-Cola BottlingLakeshore Learning MaterialsFrito-LayGenentechIsland Peer Review OrgEagle HealthcareTechnology PartnerWells FargoMulligan SecurityTransAxleTruvant North AmericaCollins AerospacePMAB-5Revlon Consumer ProductsNavitorWIOSS AtlantaLewis Tree ServiceF&S Produce WestSix Flags Entertainment CorporationPivot BioTend Exchange Subsidiary/Delaware Tender StaffingEikon TherapeuticsCoronado Stone ProductsSilgan Containers Manufacturing CorporationAllergan AestheticsPaneraMain Street ManorWaste Harmonics KeterGlobe MotorsCrothall HealthcareMorrison HealthcareNFI IndustriesTom Thumb StoreAdvanced Pressure TechnologyVirginia Mason Franciscan Health Virtual ServicesEnd of Sandwich Tavern RestaurantRemote WorkersPowinAll-Rite LeasingRTXSummit BHC New JerseyGEODISMenzies AviationJai'sGTM Discount General StoreBridgestone TiresSaddle Creek CorporationLiberty Residential ServicesThe Fresh MarketSpreckels Sugar CompanyAmerican Contract SystemsCornerstone Chemical CompanyU-Line CorporationKroger plans to close around 60 US grocery stores over the next 18 months to improve efficiency. The Cincinnati, Ohio-based company announced the plan during a corporate earnings call last Friday but has not stated which stores it plans to close. Kroger is the nation's largest supermarket chain, with 2,731 stores in 35 states and the District of Columbia. It operates stores under multiple brand names, including Smith's, Ralphs, King Soopers and Fred said the closures will happen around the country, adding employees at impacted stores will be offered jobs at other locations. 'We see this as an opportunity to move these closed store sales to other stores, and we think that should improve profitability,' Kroger's interim Chairman and CEO Ronald Sargent said during the also said Kroger plans to open at least 30 stores this year and will accelerate its store openings in 'high-growth geographies' next an October 2024 earnings announcement, Walgreens CEO Tim Wentworth announced the intended closure of 1,200 stores, with the first 500 closures scheduled for the first fiscal year as part of a new footprint optimization strategy."We will continue to execute our previously announced turnaround plan aimed at stabilizing the retail pharmacy, including our footprint optimization program," the company told Newsweek. "Increased regulatory and reimbursement pressures are weighing on our ability to cover the costs associated with rent, staffing, and supply needs."It is never an easy decision to close a store, and we know how important they are to the communities we serve and therefore do everything possible to improve their performance. When closures are necessary, we will work in partnership with community stakeholders to minimize customer disruptions."While retail sales figures remain relatively stable, signs of consumer caution are beginning to surface, especially among higher-income households, according to industry experts. Mark Mathews, executive director of research at the National Retail Federation (NRF), told Newsweek that some consumers are still willing to spend, but the retail market beyond top-line growth is experiencing some "distressed behavior."'We're seeing an uptick in higher-income consumers shopping at discount and off-price retailers,' Mathews said. 'This kind of trading down is a signal of distress beneath the surface. Shoppers are clearly becoming more cautious—they're seeking out sales, promotions, and better value.'Mathews emphasized that although top-line sales figures have yet to decline, consumer sentiment is beginning to impact spending patterns. 'The shift isn't dramatic yet, but it reflects growing economic anxiety.'Ben Johnston, Chief Operating Officer at small business lender Kapitus, echoed similar sentiment, noting that the wave of optimism seen at the start of the year has faded.'Our clients are staying financially responsible,' Johnston explained. 'They're still borrowing for everyday business operations, but they're avoiding risky growth investments. Most are taking a wait-and-see approach, especially with uncertainties around tariffs and the broader economic outlook heading into the fall.'Together, the insights point to a retail market that, while stable on the surface, may be entering a more cautious phase as both consumers and business owners brace for potential economic shifts.
Time of India
01-07-2025
- Business
- Time of India
US job market in trouble? Starbucks, Google, Frito-Lay and more hit with brutal layoffs in July
The layoff season will continue will July with thousands of employees across various sectors will be fired this month in the United States. Roughly 95 employers plan to lay off workers in July, according to reports NewsWeek. But companies are needed to send out a Worker Adjustment and Retraining Notification Act (WARN) notice before implementing mass layoffs. Various industries, including retail, pharmaceuticals, food and beverage, health care, package delivery and more will announce layoffs in July. Though the number of employees to be laid off varies from company to company, it can be drastic at some firms such as Microsoft where between 1,000 and 2,500 workers are expected to lose their jobs in July. ALSO READ: 'If he gets in...': Trump vs Zohran Mamdani escalates as US President threatens to pull the plug in fiery clash Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. 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 Why are the layoffs being announced? The United States economy is responding to governmental actions, including the imposition of widespread tariffs on countries worldwide and a decline in consumer sentiment. Layoffs may not directly correlate to the current economic climate, as some companies strive to maximize profits at the behest of the broader workforce. Others attempt to better fulfill demand, the report says. The full list, based on WARN notices via includes: Live Events First Student United States Cellular Corporation LaCroix HSN Chevron Berry Global Primo Brands UPS Galion Pointe Nursing & Rehab ABM Industries Atco Rubber Products Mortech Manufacturing Company MedStar Mobile Healthcare Barrette Outdoor Living INOAC Exterior Systems Unitek Learning Education Group S&S Activewear Atria Wealth Solutions Starbucks C&S Wholesale Grocers Corteva SSB Manufacturing Company Google FedEx Lamps Plus Surfair Mobility American Institutes of Research Amazon Foot Locker 10x Genomics Vigor Alaska Kraton L.A. Turbine Air Distribution Technologies Anthony International CVS College Success Foundation Colosseum Athletics Dufry by Avolta Museum of Ice Cream GroundGame Health Reyes Coca-Cola Bottling Lakeshore Learning Materials Frito-Lay Genentech Island Peer Review Org Eagle Healthcare Technology Partner Wells Fargo Mulligan Security TransAxle Truvant North America Collins Aerospace PMAB-5 Revlon Consumer Products Navitor WIOSS Atlanta Lewis Tree Service F&S Produce West Six Flags Entertainment Corporation Pivot Bio Tend Exchange Subsidiary/Delaware Tender Staffing Eikon Therapeutics Coronado Stone Products Silgan Containers Manufacturing Corporation Allergan Aesthetics Panera Main Street Manor Waste Harmonics Keter Globe Motors Crothall Healthcare Morrison Healthcare NFI Industries Tom Thumb Store Advanced Pressure Technology Virginia Mason Franciscan Health Virtual Services End of Sandwich Tavern Restaurant Remote Workers Powin All-Rite Leasing RTX Summit BHC New Jersey GEODIS Menzies Aviation Jai's GTM Discount General Store Bridgestone Tires Saddle Creek Corporation Liberty Residential Services The Fresh Market Spreckels Sugar Company American Contract Systems Cornerstone Chemical Company U-Line Corporation ALSO READ: 'Does Trump want Zohran Mamdani deported?': White House's explosive reaction will leave you stunned Kroger plans to close 60 US stores Kroger plans to close around 60 US grocery stores over the next 18 months to improve efficiency. The Cincinnati, Ohio-based company announced the plan during a corporate earnings call last Friday but has not stated which stores it plans to close. Kroger is the nation's largest supermarket chain, with 2,731 stores in 35 states and the District of Columbia. It operates stores under multiple brand names, including Smith's, Ralphs, King Soopers and Fred Meyer. Kroger said the closures will happen around the country, adding employees at impacted stores will be offered jobs at other locations. 'We see this as an opportunity to move these closed store sales to other stores, and we think that should improve profitability,' Kroger's interim Chairman and CEO Ronald Sargent said during the call. Sargent also said Kroger plans to open at least 30 stores this year and will accelerate its store openings in 'high-growth geographies' next year. In an October 2024 earnings announcement, Walgreens CEO Tim Wentworth announced the intended closure of 1,200 stores, with the first 500 closures scheduled for the first fiscal year as part of a new footprint optimization strategy. "We will continue to execute our previously announced turnaround plan aimed at stabilizing the retail pharmacy, including our footprint optimization program," the company told Newsweek. "Increased regulatory and reimbursement pressures are weighing on our ability to cover the costs associated with rent, staffing, and supply needs. "It is never an easy decision to close a store, and we know how important they are to the communities we serve and therefore do everything possible to improve their performance. When closures are necessary, we will work in partnership with community stakeholders to minimize customer disruptions." ALSO READ: Russia's bone-chilling World War III threat to this western country after secret 'anti-Putin campaign' Retail market experiencing 'distressed behaviour' While retail sales figures remain relatively stable, signs of consumer caution are beginning to surface, especially among higher-income households, according to industry experts. Mark Mathews, executive director of research at the National Retail Federation (NRF), told Newsweek that some consumers are still willing to spend, but the retail market beyond top-line growth is experiencing some "distressed behavior." 'We're seeing an uptick in higher-income consumers shopping at discount and off-price retailers,' Mathews said. 'This kind of trading down is a signal of distress beneath the surface. Shoppers are clearly becoming more cautious—they're seeking out sales, promotions, and better value.' Mathews emphasized that although top-line sales figures have yet to decline, consumer sentiment is beginning to impact spending patterns. 'The shift isn't dramatic yet, but it reflects growing economic anxiety.' Ben Johnston, Chief Operating Officer at small business lender Kapitus, echoed similar sentiment, noting that the wave of optimism seen at the start of the year has faded. 'Our clients are staying financially responsible,' Johnston explained. 'They're still borrowing for everyday business operations, but they're avoiding risky growth investments. Most are taking a wait-and-see approach, especially with uncertainties around tariffs and the broader economic outlook heading into the fall.' Together, the insights point to a retail market that, while stable on the surface, may be entering a more cautious phase as both consumers and business owners brace for potential economic shifts.
Newsweek
01-07-2025
- Business
- Newsweek
List of Companies Laying Off Employees in July
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Thousands of employees across various industries are expected to be laid off in July. Companies are required to send out a Worker Adjustment and Retraining Notification Act (WARN) notice before implementing mass layoffs. Roughly 95 employers plan to lay off workers in July, according to Why It Matters The United States economy is responding to governmental actions, including the imposition of widespread tariffs on countries worldwide and a decline in consumer sentiment. Layoffs may not directly correlate to the current economic climate, as some companies strive to maximize profits at the behest of the broader workforce. Others attempt to better fulfill demand. The roughly 100 companies laying off employees throughout July indicate an improvement in the business sector, as about 160 companies laid off workers in June. What To Know The layoffs will affect multiple industries, including retail, pharmaceuticals, food and beverage, health care, package delivery and more. Employee layoffs vary by company and location, with some laying off between one and 25 employees. The layoffs are more drastic at some companies, such as Microsoft, where between 1,000 and 2,500 workers are expected to lose their jobs in July. People walk by the Microsoft Store on Fifth Avenue in Midtown Manhattan, New York. People walk by the Microsoft Store on Fifth Avenue in Midtown Manhattan, New York. Getty Images The full list, based on WARN notices via includes: First Student United States Cellular Corporation LaCroix HSN Chevron Berry Global Primo Brands UPS Galion Pointe Nursing & Rehab ABM Industries Atco Rubber Products Mortech Manufacturing Company MedStar Mobile Healthcare Barrette Outdoor Living INOAC Exterior Systems Unitek Learning Education Group S&S Activewear Atria Wealth Solutions Starbucks C&S Wholesale Grocers Corteva SSB Manufacturing Company Google FedEx Lamps Plus Surfair Mobility American Institutes of Research Amazon Foot Locker 10x Genomics Vigor Alaska Kraton L.A. Turbine Air Distribution Technologies Anthony International CVS College Success Foundation Colosseum Athletics Dufry by Avolta Museum of Ice Cream GroundGame Health Reyes Coca-Cola Bottling Lakeshore Learning Materials Frito-Lay Genentech Island Peer Review Org Eagle Healthcare Technology Partner Wells Fargo Mulligan Security TransAxle Truvant North America Collins Aerospace PMAB-5 Revlon Consumer Products Navitor WIOSS Atlanta Lewis Tree Service F&S Produce West Six Flags Entertainment Corporation Pivot Bio Tend Exchange Subsidiary/Delaware Tender Staffing Eikon Therapeutics Coronado Stone Products Silgan Containers Manufacturing Corporation Allergan Aesthetics Panera Main Street Manor Waste Harmonics Keter Globe Motors Crothall Healthcare Morrison Healthcare NFI Industries Tom Thumb Store Advanced Pressure Technology Virginia Mason Franciscan Health Virtual Services End of Sandwich Tavern Restaurant Remote Workers Powin All-Rite Leasing RTX Summit BHC New Jersey GEODIS Menzies Aviation Jai's GTM Discount General Store Bridgestone Tires Saddle Creek Corporation Liberty Residential Services The Fresh Market Spreckels Sugar Company American Contract Systems Cornerstone Chemical Company U-Line Corporation Other companies, such as Kroger, are closing approximately 60 of their stores nationwide over the next 18 months. A Kroger spokesperson declined to comment to Newsweek on the closures or provide a list of locations and dates of expected cessation of operations. In an October 2024 earnings announcement, Walgreens CEO Tim Wentworth announced the intended closure of 1,200 stores, with the first 500 closures scheduled for the first fiscal year as part of a new footprint optimization strategy. Evaluating a long-term footprint "is ongoing and evolving." "We will continue to execute our previously announced turnaround plan aimed at stabilizing the retail pharmacy, including our footprint optimization program," the company told Newsweek. "Increased regulatory and reimbursement pressures are weighing on our ability to cover the costs associated with rent, staffing, and supply needs. "It is never an easy decision to close a store, and we know how important they are to the communities we serve and therefore do everything possible to improve their performance. When closures are necessary, we will work in partnership with community stakeholders to minimize customer disruptions." Mark Mathews, executive director of research at the National Retail Federation (NRF), told Newsweek that some consumers are still willing to spend, but the retail market beyond top-line growth is experiencing some "distressed behavior." "We see consumers, especially in higher-income households, trading down to Discount Dollar and off-price," Matthews said. "We've seen some retailers that operate in that space. They're seeing extremely high levels of higher-income consumers shopping there. "While topline retail sales aren't impacted yet, we're definitely seeing some of the concern that consumers are expressing when you look at consumer sentiment translating into changes in the way that people are spending their money. They're just being a little bit more careful. They're definitely looking for promotions and sales. We have a pretty cautious consumer." Ben Johnston, chief operating officer of small business lender Kapitus, told Newsweek that the "tremendous amount of optimism" at the beginning of this calendar year has faded as consumer sentiment has worsened. "Our borrowing base is continuing to perform well, and it looks to me like business owners, at least our constituents, are being really responsible," Johnston said. "They're not taking on growth projects that they're not confident in, but they're taking on that normal business. "They're not looking to make a big financial bet right at this moment. I think they're taking a wait-and-see approach to what's going to happen with tariffs and where the economy is going to go in the fall." What People Are Saying Matt Sable, Co-Head of J.P. Morgan Commercial Banking, previously told Newsweek: "Business leaders are managing through a lot of unknowns—from policy uncertainty to market volatility and beyond—and are thoughtfully recalibrating their strategic plans as they seek more clarity about the future." "Business leaders are most concerned about uncertain economic conditions heading into the second half of the year," he said. "Other key factors like tariffs, policy uncertainty and geopolitical events are top of mind as well. While the near-term may seem uncertain, they're operating with a long-term view, focusing on what they can control to run and grow their businesses." What Happens Next Last week, Federal Reserve Chair Jerome Powell said the U.S. economy was "in solid shape," after the central bank opted to hold off on interest rate cuts. Powell, however, warned of "very high uncertainty" due to tariffs, adding: "Everyone that I know is forecasting a meaningful increase in inflation in coming months from tariffs."
