Business owners throughout the United States are feeling the effects of harsh winter weather. According to a Biz2Credit report studying 20,000 American businesses, revenues have fallen over the first two months of 2014. Biz2Credit connects business borrowers with lenders nationwide – more than 1,200 in 2013. The company compared data from the same time period in 2013.
Examining businesses in the Midwest and Northeast, Biz2Credit found that revenue for retail stores dropped 13 percent from last year. The warehousing and transportation industries are down nearly 11 percent. Construction also experienced a large drop: 9 percent.
Feeling the effects of the winter chill, retail stores are struggling to maintain their past fortunes. Macy’s has laid off 2,500 employees and close five stores throughout the United States. Target is trimmed nearly 500 jobs. In their latest store report, Kohls cited smaller levels of clearance merchandise and lower traffic. [Read more…]