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"Brick-and-mortar retailers are already in recession," said Mark Zandi, chief economist for Moody's Analytics. "They've been laying off workers coming up on three years. And this is a time when consumers are out spending aggressively. If the broader economy is in recession, there is going to be blood in the streets."
Forever 21 on Sunday was the latest major retailer to file for bankruptcy. It announced plans to close as many as 178 stores in the United States, about a third of those it operates. Earlier this month, Fred's, a 72-year-old discount chain, said it would close its remaining 300 stores.
US retailers this year have already announced more than 8,200 store closings — well above the previous record of 6,700 in 2017, according to Coresights Research. By year's end, the annual tally could reach 12,000, Coresights estimates. Payless and Gymboree both filed for bankruptcy for a second time this year, closing nearly 3,000 stores between them.
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So, basically people in retail are losing jobs like crazy around the country at this point.
And, if we add to this the driving jobs to be lost in the U.S. and around the world from self
driving cars and trucks, "Where are all these people without jobs going to get money to live?"
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