According to an article in the Dallas Morning News, a survey released by the Hay Group revealed that about 57 percent of retailers are planning job losses for the 2009 holiday season, while another 40 percent said they would hire fewer workers.
The article said:
"Last year, retail employment grew by just 384,300 from October through December, according to the Bureau of Labor Statistics. That compared to 720,800 retail workers hired during the 2007 holiday months. The 384,300 seasonal workers hired in 2008 represent the lowest holiday hiring figure since 1989, when retailers added just 380,500 workers..."
Usually retailer employment numbers reach their highest level in November and December, however since analysts expect another dismal shopping season, retailers are looking for ways they can cut costs. Of course, job losses are the easiest method for reducing cost; but even that may not be enough to save some stores.
Some retailers have already reached such a low level of sales that they've been forced to implement several rounds of job losses, close stores and even file bankruptcy. Previous plans for expansion have either been delayed or scrapped altogether due to creditor fears and more stringent supplier requirements. Many experts are expecting that we will continue to see retailer closures and bankruptcy through 2010 and even beyond.