Shop Talk

Retailers, consumers and prices

Check Out Line: Job cuts on Aisle 4!

January 22, 2009

USA-ECONOMY/Check out the retail belt tightening.

Not belt tightening by retail customers (if there are any left), but the latest round of cost cuts by retailers themselves.

Williams-Sonoma is cutting 18 percent of its workforce and also paired back capital spending.

Jones Apparel is cutting its capital spending plans to $45 million in 2009 from the $70 million it spent in 2008.

Brown Shoe: closing stores, cutting jobs.

Children’s Place: relocating its e-commerce business and cutting about 350 jobs.

Retail just suffered through the worst holiday season in at least four decades and there are no signs of a rebound anytime soon, so job cuts and cost reductions are expected.

But as retailers and other industries cut jobs, the question remains: who will be able to shop to help spur a retail recovery?

Also in the basket:

Brinker posts second quarter net loss

Sony warns of $2.9 bln loss, steps up restructuring

How green is my orange? (N.Y. Times)

(Photo: Reuters)

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