The layoff, store closing, and Chapter 11 numbers from the U.S. retail industry this week gave consumers and analysts a clear signal that further recession in the retail sector is possible and likely, but store opening numbers gave an equally clear signal that a comeback is underway. The ups and downs in this week’s retail industry news demonstrate the clash that can occur in one sector of the economy when recession collides with recovery.
Wal-Mart topped the list of retail layoffs and job cuts this week when it handed pink slips to 650 of its optical lab employees in Ohio. The newly unemployed were reportedly surprised by the layoffs, especially after company officials had assured them earlier this year that layoff rumors were unfounded, and new employees had been hired just weeks ago. According to the Columbus Dispatch, Ohio state officials are investigating the possibility of recouping a $1.8 million tax credit given to Wal-Mart when it opened the optical lab in 2002.
Other retail layoffs announced this week included 500 job cuts by Santa Barbara based shoe retailer The Walking Co., 200 job cuts by Google, and 175 job cuts by high-end clothier Mark Shale.
Mark Shale’s layoffs are connected to its Chapter 11 filing this week, and its plans to quickly close five of its stores, and sell the remaining three. Other additions to the 2009 retail Chapter 11 list include grocery retailer BI-LO, Sportsman’s Warehouse, and casual dining chain Tumbleweed, Inc. The involuntary Chapter 7 filing of 1800mattress.com was converted to a Chapter 11 filing this week as well.
The biggest retail Chapter 11 news, though, came from... more...
Wal-Mart topped the list of retail layoffs and job cuts this week when it handed pink slips to 650 of its optical lab employees in Ohio. The newly unemployed were reportedly surprised by the layoffs, especially after company officials had assured them earlier this year that layoff rumors were unfounded, and new employees had been hired just weeks ago. According to the Columbus Dispatch, Ohio state officials are investigating the possibility of recouping a $1.8 million tax credit given to Wal-Mart when it opened the optical lab in 2002.
Other retail layoffs announced this week included 500 job cuts by Santa Barbara based shoe retailer The Walking Co., 200 job cuts by Google, and 175 job cuts by high-end clothier Mark Shale.
Mark Shale’s layoffs are connected to its Chapter 11 filing this week, and its plans to quickly close five of its stores, and sell the remaining three. Other additions to the 2009 retail Chapter 11 list include grocery retailer BI-LO, Sportsman’s Warehouse, and casual dining chain Tumbleweed, Inc. The involuntary Chapter 7 filing of 1800mattress.com was converted to a Chapter 11 filing this week as well.
The biggest retail Chapter 11 news, though, came from... more...
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