New study shows 1.3 million US jobs lost in US private equity’s ‘Retail Apocalypse’, with more on the way
A new study of the employment impact of private equity ownership on US retailers documents the extent of debt-driven job destruction. Over the past decade some 600,000 jobs have been destroyed in the ‘Retail Apocalypse’. The multiplier effect on suppliers has meant the loss of over 700,000 additional indirect jobs. The job losses came at a time of overall employment expansion in the retail sector, but Wall Street investors wiped out 8 times more retail jobs than they created.