Major Store Closures, Job Cuts Hit NJ In 2026

The first five months of 2026 have seen mounting job losses across New Jersey as major companies close stores and some banks close branches.

More layoffs are on the way, as a major tech company has announced it is moving its headquarters out of New Jersey and health care and pharmaceutical companies continue making cuts.

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Through May 31, there have been 8,507 layoffs announced according to WARN notices filed with the state Department of Labor. That's 1,291 more than the first five months of 2025, when 7,216 were announced, a 17.9 percent increase.

On Monday, Samsung announced it is moving its U.S. headquarters out of Englewood Cliffs, shifting operations to Texas, where it has been setting up chip-making plants that are expected to produce 2nm chips, the company said on X. The Englewood Cliffs location employs about 1,000 people.

Health care and pharmaceutical industries took another jobs hit, as pharmaceutical giant Merck announced it will eliminate 88 more jobs by September, and Optum, part of United Healthcare, said it will reduce its workforce by 58 positions across three groups, according to WARN notices filed Monday, while Johnson & Johnson is cutting 56 jobs by mid-August.

Store closures have driven a number of job cuts.

Carter's, the popular children's clothing company, will be closing 150 stores nationwide; it has 21 stores in New Jersey.

Eddie Bauer and Francesca’s clothing retailers are shutting down their stores as well. Eddie Bauer's closures of five locations accounted for 58 jobs, according to the WARN notice filed in February.

Macy's and Saks & Company have both announced store closures this year. Macy's has cut 168 positions as a result and Saks has announced 127 layoffs.

In addition to retailers, three banks have announced or have closed branches in New Jersey in 2026.

TD Bank closed eight branches at the end of January as the company continues to try to recover from a federal money laundering scheme that led to a guilty plea in October 2024 and a $3 billion fine.

Provident Bank, based in Jersey City, is closing six branches by the end of June, and BCB Community Bank is slated to close a branch in Parsippany as of July 1, according to notices filed with the state Division of Banking. How many layoffs those closures will create was not immediately available.

New Jersey's unemployment rate sits at 4.8 percent, according to the latest available data. The national unemployment rate is at 4.3 percent.

The Worker Adjustment and Retraining Notification Act, or WARN, requires employers with 100 or more employees to provide 60 days’ advance written notice of plant closings or mass layoffs.