The retail industry eliminated more than 41,000 jobs in the first two months of the year. The recent job purge is 92% greater that the number of retail jobs lost during the same period last year. The rate of retail closures is still increasing.
Over 4,200 store closures were announced over the first three months of 2019, it is more than a 20% increase over the same period the year before.
Payless Shoes announced in February it will start closing all of its 2,100 US stores, that will be added on top of the thousands of store closings already.
Lifeway Christian Bookstores announced the closing of the remainder of their stores.
JCPenny announced another 18 store closures on top of the numerous closures it has already announced over the last couple of years.
The 4,200 closures is part of a 3:1 ratio of store closings over new store openings.