Survey: Holiday spending debt averaged $1,223

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U.S. firms announced the most job cuts for any October in more than 20 years, fueled in part by mass layoffs at major retail companies. Retail has been one of the hardest hit industries this year, behind only warehousing and non-profits. So far in 2025, the sector has announced 88,664 job cuts, a 145% increase from the 36,136 recorded through October last year. “Over the last decade, companies have shied away from announcing layoffs in the fourth quarter, so it’s surprising to see so many in October,” Challenger said in the report. “With the onset of social media, and the ability for workers to share their negative experiences with their employers, the trend of announcing layoffs before the holidays — a practice that seemed particularly cruel — fell away.” Retailers are also pulling back on holiday hiring. Companies are expected to add fewer than 500,000 seasonal positions this year — the lowest since 2009, according to Challenger, Gray & Christmas. Several retailers, including Kohl’s and Target, have declined to disclose their 2025 seasonal hiring plans, a departure from previous years. Some companies plan to keep the seasonal hiring levels unchanged from 2024. Amazon said it plans to hire 250,000 workers for the peak holiday season, while Bath & Body Works announced plans to hire 32,000 workers, the same as last year for both companies.

Times are tough in the tween bling business. Claire’s — long a mall-based beacon of ear piercing and bedazzled barrettes — has filed for Chapter 11 bankruptcy in Delaware. It’s the second time the brand has sought bankruptcy protection, having last done so in 2018. The company operates more than 2,700 stores in 17 countries, including nearly 200 Icing stores — a more mature concept it has been working to expand. In recent years, Claire’s has tried to evolve, launching marketing efforts aimed at a new generation of shoppers. But declining sales, a burdensome debt load, and rising tariff-driven costs in its supply chain have proven too difficult to overcome. The move doesn’t come as a surprise. Claire’s had reportedly been in discussions about restructuring options for weeks. Still, the bankruptcy signals just how difficult the current retail environment has become — especially for mall-dependent retailers already struggling to stay relevant with younger consumers.