Job Prospects Down in Chicago

Job Prospects Down in ChicagoThe Chicago Tribune reports that this Christmas may be a glum one for Chicago area workers. According to the Chicago Tribune, 1,700 jobs across several companies will be cut out within the next two months. With various employment sectors and heavy hitters such as Sears, American Airlines and Saks Fifth Avenue impacted, from the airline industry to the retail division, the job horizon in Illinois is becoming bleak.

Over 900 employees at American Airlines are expected to lose their jobs. The company estimates that this number should be fewer than the official report. The situation at the parent company of American Airlines, AMR Corp., (which is in bankruptcy restructuring) is even more crucial, with 4,400 employees affected by the cuts. The company was required to inform the estimated 11,000 employees who could possibly be affected by the cuts of the impending changes. Only 40% of this actual number is expected to be affected. However, the union allows workers who are cut to take over the jobs of those with less seniority, and this rule may result in more position impact

Sears and Saks Fifth Avenue are experiencing retail center closures, with Sears closing a Kmart store and a product center and Saks closing a twelve year old store, resulting in right at 200 jobs lost between them. Bombardier Recreational Products Inc. is closing its doors on their sport boat division due to an overall decline in sales. The company has been unsuccessful in finding a purchaser for the segment. Over 300 employees were affected by the closure. The impacted workers are being sent off with good separation packages from the company.

If you need business legal advice to help navigate any aspect of your layoff experience, contact the compassionate Naperville attorneys at The Gierach Law Firm today.