Walgreens, FedEx, and Neiman Marcus Among Nearly 100 Companies Planning Layoffs In March

Experts say the move is driven by inflation and a focus on profit gains.

Nearly 100 American companies are preparing for mass layoffs this month, with experts attributing the trend to high interest rates.

Intel, FedEx, Neiman Marcus, Walgreens, and Macy’s are among the fleet of companies cutting staff this month, Newsweek reports. The reveal comes by way of the Worker Adjustment and Retraining Notification Act (WARN), which forces companies to submit notice before carrying out mass layoffs.

According to WARNTracker.com, over 90 employers are set to lay off workers in March.

As companies navigate inflation and changing consumer demand, many have struggled financially in the years following the COVID-19 pandemic. The report emphasizes how workers are being laid off across industries as companies aim to boost profits.

Some experts blame rising interest rates, which drive up the cost of capital. However, Michael Ryan, a financial advisor, says that AI is a major factor behind the announcements.

“What’s really interesting is that corporate profits are still pretty healthy!” Ryan said. “It’s not like these companies are struggling to stay afloat.

“They’re making these cuts while their bottom lines look good, which makes you wonder what’s really driving this,” he added. “I think what we’re seeing isn’t just a normal economic hiccup. It feels more like companies are using this moment to fundamentally reshape how they operate. They’re thinking, ‘Well, if we can replace these positions with automation, why wouldn’t we?'”

Dark times are ahead as experts forecast weaker employment reports in light of the layoffs. Ongoing changes in the technology sector, coupled with the decline of white-collar jobs, suggest a restructuring of the U.S. economy that could significantly affect workers across multiple industries.

With the Trump administration continuing to reduce the federal workforce, the number of Americans facing unemployment is expected to rise. Additionally, a decrease in consumer spending is anticipated as people cut back during these economic shifts.

However, at the backbone of the mass layoffs is corporate leaders lasered in on their profit gains.

“Corporate greed is alive and well. These layoffs are not about company survival,” HR consultant Bryan Driscoll said. “They’re designed to protect profit margins and shareholder returns.”

Check out the full list of companies conducting layoffs this month HERE.