10 of the biggest retail layoffs of 2022
Last updated on January 13th, 2023 at 04:42 am
Many businesses have cut their workforce this year. They want to reduce the cost as there is no profit in the current market. StockX – A sneaker retailer cut its staff in June 2022. He said that the economic challenge is huge. After that, we had also seen the cutoff in Amazon, Walmart, and others.
Let’s take a look at the 10 – Biggest Retail layoffs of the year 2022
The New York Times reports that Amazon said it would lay off around 10,000 employees in November. According to the report, the device organization, retail division, and human resource department are all affected by the company’s layoffs.
2. H & M
By the end of November, H&M cut 1,500 jobs to save costs and improve business efficiency. This company said that by this cutoff they will save around $188.2 million. The company is expecting to see this impact in the second half of the new year 2023.
3. GAP INC.
Majorly in areas of San Francisco and New York the company had cut off nearly 500 employees role in September. This has also happened in the Asian region too.
4. Rent the Runway
In September they cut off a quarter of the employees. This New York-based fashion rental company lost $33.9 million in the second quarter of the year 2022.
5. PVH Corp.
PVH Corporation reported its second-quarter results on August 30 and then the company said it expects the reduction in jobs will result in annual cost savings of more than $100 million.
Zac Coughlin, the CFO said that these cuts are necessary to boost productivity.
In July 10% of its staff are cut off from the job. CEO Tobi Lütke said that layoffs came as the pandemic-era online shopping boom slowed. He also admitted that he was wrong in his projections for continued e-commerce demand.
This company performed layoffs in June and November. 8% of workers faced layoffs in June and 80 employees in November. CEO announced the layoff via email to the employees they give the reason to save costs.
CEO James Reinhart announced the on Aug. 15 about the layoff. 15% of its corporate workforce and the shutter of one of its processing centers will come into it. They also said inflation is not allowing him to expend more, so he is cutting off their staff.
9. VF Corp.
On Aug. 30 it cut 600 office roles. They said during the time of terminating staff that they are looking to balance their highest strategic priorities.
In early August it cut down on jobs as the company updated its structure. A spokesperson said that for a stronger future this all is happing.