A wave of retail job cuts in January — above and beyond the normal post Christmas seasonal departures — put retail at the top of the list of companies reporting layoffs.
After falling to a 13-year low in December, monthly job cuts increased 50 percent from December in January to 45,107 jobs, according to outplacement firm Challenger, Gray & Christmas.
Retailer job cuts of 11,394 in January represented a 71 percent increase from the same month last year. Plano-based J.C. Penney, Macy’s, Sam’s Club, Sears, Best Buy and Target are among the companies so far saying they will cut jobs either at corporate or because of store closings. Penney said last month that it will close 33 stores, none in Texas.
Some retailers will be reporting January and fiscal fourth-quarter sales today, so there may be more announcements. Retail is going through a structural change that may require fewer stores for many companies.