There is a job crisis in retail that is being driven by Wall Street greed. From Toys ‘R’ Us, Sears, Kmart, Gymboree, to Payless, Wall Street firms are buying up large retailers, loading them with debt, and forcing them into bankruptcy while making millions in profit for executives. While the media calls this a “retail apocalypse” and blames these store closures on the rise of Amazon and online shopping, we know that’s not the entire truth. Over the last two years, hundreds of thousands of people working in retail have had our jobs destroyed by profitable private equity firms and hedge funds – and more than a million jobs are still at risk. Wall Street executives are profiting from these bankruptcies while our families and communities are devastated.
More than 60% of retail job loss happen in retail companies owned by Wall Street firms. We have watched corporate executives cut our pay, hours, and benefits, and still walk away with millions in retention bonuses when our companies go bankrupt. Our families are the ones left to pay the price as we lose our jobs and livelihoods in one retail bankruptcy after another.
United for Respect is leading the movement to protect our families devastated by this crisis in retail made by Wall Street. We are rising up and taking action to hold these Wall Street firms accountable and change the rules and stop them from playing games with our lives. And we’re winning. Join us.