Macy’s to close stores, cut jobs amid weak sales
Macy’s says it is eliminating more than 10,000 jobs and plans to move forward with 68 store closures after a disappointing holiday shopping season. The department store chain also lowered its full-year earnings forecast.
The retailer said Wednesday that sales at its established stores fell 2.1 per cent in November and December compared to the same period last year. Macy’s Inc. pointed to changing consumer behaviour and said its performance reflects the challenges that are facing much of the retail industry.
As if to underscore that point, Kohl’s Corp. also reported disappointing holiday shopping numbers Wednesday.
Macy’s said the 68 store closures, which span the nation, are part of the 100 closings it announced in August. Of the 68, three were closed by the middle of 2016, 63 will close in the spring and two will be closed by the middle of 2017.