Big Retailers Laying Off in Time for Christmas
By Staff -- Gifts and Dec, 10/1/2008 12:30:00 PM
New York — Retailers are expected to lay off staff heading into the holiday season for the first time in at least five years, according to a survey of CFOs of companies with sales over $100 million by consulting and accounting firm BDO Seidman LLP. One third of the top 100 U.S. retailers are forecasting job cuts. About two-fifths of retailers experienced a tightening of credit by their lenders, and 27 percent are planning to close more stores this year than last (more than a third of the top 100 are planning to close more stores.) Overall, this would mean retail will see more closings than openings for the first time in at least five years. Top concerns of CFOs include the credit crunch, the economy and tax reform, displacing last year’s fuel costs, green products and recalls.
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