Joann, Macy's, other store closures part of a 274% spike in retail layoffs in 2025

The number of job cuts announced in the first five months of 2025 increased 80% from the same period the prior year, according to a new report from Challenger, Gray & Christmas. Employers have announced approximately 696,000 job cuts through May. In 2024, that number was just over 385,000. According to the report, job cuts are only 65,000 away from matching the total for all of 2024."Tariffs, funding cuts, consumer spending, and overall economic pessimism are putting intense pressure on companies’ workforce ...