Is the $15/hr minimum wage even in effect anywhere yet?
California just upped theirs, which I suspect forced a revaluation of Sports Authority (since I think a majority of their stores are in California) and showed it couldn’t survive.
It isn’t just hitting Sports Authority. U.C. Berkeley announced that it was laying off 500 employees and every department had to cut their budget by 10% in order to compensate for the wage raise effects.
The City of Berkeley had already raised their wage, and I’ve read a number of stories about stores and restaurants closing because of that.
Think there are other places like Seattle and Portland that have also raised their wage and companies are going under.
CA's minimum wage is $10/hr and won't hit $15 until 2022. Sports Authority is already in Chapter 11.
This sure looks like poor management trying to blame their failings on the minimum wage,
Actually, I think their biggest problem is Amazon.