Unless you are hired specifically as a seasonal employee (where the job is clearly identified as lasting for a limited time frame - generally during the holidays), Costco historically doesn't lay people off. It's rare for positions to go away, but if they do, Costco will help you find another role in the company. I've been with Costco for more than a decade, and have never seen any layoffs at all. My understanding is that we have never had layoffs and are philosophically opposed to the entire concept.
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I've heard very seldomly, but I want to check before I apply to make sure I don't end up in a similar situation I'm in right now.