For example, J.C. Penney filed for bankruptcy in May and announced it will permanently close 152 stores and cut 1,000 positions in corporate and field management. Tailored Brands, which owns Jos. A. Bank and Men’s Wearhouse, plans to cut 20% of its workforce and close 500 stores.
Tommy Hilfiger and Calvin Klein owner PVH Corp is eliminating 450 jobs and closing 162 stores. Blue jeans brand Levi’s is cutting 700 jobs or about 15% of its global workforce. Macy’s is also cutting jobs, eliminating about 3,900 corporate employees after furloughing most of its workforce earlier this year.
Nike also announced job cuts, although it isn’t saying how many jobs it will eliminate. The company said it’s actually not a cost-cutting move, however. Instead, the sportswear brand claims the move is aimed at investing resources in stronger parts of its business.
Drug store chain Walgreens is slashing 4,000 jobs in response to the loss it posted in its third fiscal quarter.
Other layoffs
HSBC is slashing 15% of its global workforce or about 35,000 jobs. Additionally, Reuters announced that Goldman Sachs has revamped its employee review process, opening the door to even more job cuts. Bloomberg Law also reported that Wells Fargo is getting ready to eliminate thousands of jobs.
