Retailers use layoffs as a hedge against potential downturn
January 26, 2023
Saks Off Fifth laid off an unspecified number of workers on Tuesday. Saks.com cut about 100 workers from its payroll. Stitch Fix, Wayfair and others have also cut job cuts the start of 2023 as they attempt to operate profitably. “Retailers are really being cognizant of capital preservation,” said Catherine Lepard, who leads the global retail market for Heidrick & Struggles. “They don’t know how long this cooler economy is going to last, and they want to make sure they have the right cash to get through that. For retailers that are struggling, it really means tightening the belt with some cost cutting.”
Recent News
Tech Experts Claim Multimodal AI Is the Next Big Thing
In the ever-evolving landscape of technology, there’s a new contender stealing the spotlight: multimodal AI.
McDonald’s May Be Ending Its Free Drink Refills
The days of patrons refilling their own cups will be over by 2032.
Trump Embraces Cryptocurrency to Mixed Responses
Former President Donald Trump’s recent embrace of the cryptocurrency market has stirred both excitement and skepticism within the industry.
Bumble Is Sorry for Ads That Mock Celibacy
The dating app is in hot water for its newest ad campaign.