The volatile retail landscape is hitting retail employees the hardest
The ongoing shakeups in the retail world have had major effects on department stores and retailers across the board, but its always the employees and workers, the people who actually operate those stores day in and day out, who end up feeling the biggest impact.
Having just announced the closure of 125 stores, Macys is the most recent example of the challenges facing modern retailers. But many stores are overextended and not adapting to ways that consumers shop today.
Its a perfect storm for retail right now, said Scott Stuart, CEO of Turnaround Management Association. Retail has fundamentally changed in the last few years. The big box store is not the go-to, only solution for customers anymore, and the retailers need to adapt.
But its the employees who face the brunt of these shakeups. Macys is laying off 2,000 people as part of the store closures, and, according to one anonymous employee, that process has been chaotic, confusing and sudden. When Barneys went bankrupt, 800 people lost their jobs, and in January 2019, retail layoffs were up 92% compared to a year before.
https://www.glossy.co/fashion/the-volatile-retail-landscape-is-hitting-retail-employees-the-hardest
katmondoo
(6,457 posts)democratisphere
(17,235 posts)Wellstone ruled
(34,661 posts)Debt created from their days as part of the Federated Department Stores Conglomerate. The real truth seems to be,they mined out the profits and replaced it with debt. Typical of Retail Management.
democratisphere
(17,235 posts)Wellstone ruled
(34,661 posts)Eddie being a full on Libertarian new what his game plan was to be and he is executing it like a surgeon. All he wanted from day one was the Real Estate Holdings of Sears,just so happened there were this darn buildings sitting on it. Sears had a portfolio of Vacant high traffic and top end exposure land when Lambert bought into Sears. Not to worry,this Crook sold off all those parcels at a huge profit and his next step was to load up the Retail with debt and as he did he mined out the cash profits daily.
His first target was the defined Pension Plan which covered tens of thousands of employees. Replaced the funds solid Stocks and Bonds and other instruments with Sears Script which in the end had the value of wall paper.
MontanaMama
(23,337 posts)Pier 1 is closing, Luckys Market closed this week, among other retail stores...There are lots of job openings in my town but theres no question that these closures hurt employees the hardest.