Please explain why we would have to cut hours but hire new people?
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Old tactic used by shoddy retail companies to prevent as many unemployment payouts and possible severance package payouts if company folds. Toys R Us, Sears, Circuit City, Stein Mart, K-Mart, and Winn-Dixie Supermarkets all did this before they folded. The real "red flag" as post indicates is if new hires (someone hired in the last year) get more hours than long term employees, check scheduling at current location, if this is happening than run for the door.
Manipulate current employees by cutting hours where they'd need to find another job or take a pay cut. New hires wouldnt be able to collect unemployment if Belk closes soon.