In Illinois, the chamber estimates more than $2 billion worth of goods were stolen from retailers in 2021, but it says the cost to Illinois businesses was more than double that when other factors are taken into account.
On Tuesday, leaders announced a bipartisan plan, which also has the backing of business and labor, to eliminate the $1.8 billion remainder of that debt, including paying back an interest-incurring federal loan that had been used to shore up the fund.
Online shopping hit record levels last Friday, despite consumers’ concerns about the economy being at the highest level since the 2008 Great Recession.
Illinois lawmakers have proposed a new bill that defines organized retail crime for the first time in statute. But some community groups are raising concerns saying the legislation will further harm communities that have been oppressed by the criminal justice system for decades.
Multiple in-store thefts have been reported recently on the Magnificent Mile amounting to millions of dollars in stolen merchandise. But retailers say it’s not just about lost revenue — it’s about safety — and they’re calling for city officials to put more protections in place for businesses.
Unemployment has been a major issue throughout the pandemic. Stay-at-home orders spurred layoffs — many who lost their jobs had trouble accessing benefits — in part because there was a whole lot of fraud.
The latest COVID-19 relief bill could come up for a vote in Congress as early as next week, but a key Democratic priority might be on the chopping block. We explore the potential impact of raising the minimum wage.
The future for many small businesses is unclear. To create some security, the federal government has stepped in with $349 billion in loans for small businesses, but the programs have had a bumpy start.
The economic fallout from the coronavirus pandemic is being felt by industries and businesses in Chicago and across Illinois, from large hotel chains and restaurants to independent movie theaters and music venues.