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Macy's (M, -8.46%) on Wednesday said would close 63 stores this spring and eliminate 10,000 jobs as the struggling department store chain continued to grapple with weak sales during the holiday season.
The retailer also announced that comparable sales, which include its booming e-commerce business and sales at stores open at least a year, fell 2.1% in November and December, prompting it to slash its full year profit forecast. Shares were down 10% in afterhours trading.
Of the 10,000 jobs being cut, 3,900 will be at stores being closed this year as part of a plan announced in August when Macy's announced it would close 100 of its 730 namesake stores in the coming years. (Macy's Inc also operates the upscale Bloomingdale's chain.) Another 6,200 job cuts will come from streamlining operations and cutting costs so it can focus more on its digital business. Macy's e-commerce was a rare bright spot in a bleak holiday season report: online sales rose by a double digit percentage during the holidays, the company said.
originally posted by: havok
What the hell does this have to do with Trump?
Their sales have been declining for years and this was inevitable.
Most higher-end clothing stores have been seeing a decline. Why? People have less spending money because taxes are increasing, healthcare is unaffordable, food prices never declined to pre-2008 levels, and everyone can get their clothing from Walmart or Target, or online.
You want to bring poli-ticks into it?
For what? All I see is a decline from the past 8 years.
originally posted by: grey580
Amazon is killing everything.
Macy's needs to adapt or it's going the way of the dodo.
originally posted by: MOMof3
I think mall shopping has served its time. I buy as much as I can online. I wish there was a store that had their grocery store shelves online, like a video game where you can see the products displayed. If I were young I would start a delivery service. I can think of all kinds of small businesses right now, off the trend of amazon type customers.
While everyone celebrates Donald Trumps "victory" for persuading Ford from opening a factory in Mexico instead expanding to Michigan, allowing for around 700 jobs to be created, Macy's is laying off 10,000 employees. Putting us 9300 jobs in the hole, given that retail clerks are qualified for working in an automotive factory.
I didn't say this was directly related to trump, like you're implying. I'm saying people are congratulating him on creating by influence 700 jobs. In reality people are going to be losing more jobs than he can create, thus creating a useless celebration.