Retail Stores Keep Closing at Record Pace - Thousands More Lose Jobs

Retail Stores Keep Closing at Record Pace - Thousands More Lose Jobs

AT&T has announced the closure of 250 retail stores and the company is laying off 3,400 workers.

The company announced on Wednesday. "As a result, there will be targeted, but sizable reductions in our workforce across executives, managers and union-represented employees, consistent with our previously announced transformation initiative. Additionally, we’ll be eliminating more non-payroll workers — the vast majority of which are outside the United States — than we are managers or union-represented employees."

Retail areas throughout Rhode Island are seeing a growing number of vacancies and for lease signs — downtown Providence, Wayland Square on Providence’s East Side, Route 2 in Warwick, Providence Place Mall, and on and on.

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In the past year, thousands of Rhode Islanders have permanently lost their retail jobs with the closure of stores ranging from Pier 1 to CVS.

Retailers — due to bankruptcy or slashing — have announced the closure of nearly 5,000 stores through June of 2020. Last year, approximately 9,300 retail locations closed in the U.S. 

The pace of closures may increase another 30 percent and push the total to 12,000 store closings this year, according to global real estate firm Cushman & Wakefield.