Sunday, Mar 18th

Last update05:20:13 AM GMT

You are here News Economy Macy's announces closure of 36 stores, layoffs after slow holiday sales

Macy's announces closure of 36 stores, layoffs after slow holiday sales

E-mail Print PDF

Macy'sRetailer Macy's Inc. announced the elimination of more than 4,500 jobs and the closure of 36 stores after disappointing sales during the holiday season.

It said Wednesday it would initiate "a series of cost-efficiency and process-improvement measures" by reducing the workforce at each of about 770 Macy's and Bloomingdale's stores, closing other stores, and offering a "voluntary separation opportunity" to some senior executives. The downsizing actions are set to begin early this year.

Sales in November and December were down 4.7 percent compared to the same period last year, caused largely, Macy's CEO Terry Lundgren said, by unseasonably warm weather and lower spending by foreign tourists. He added 80 percent of the sales decline could be blamed on the inability to successfully sell cold-weather clothing.

A company statement said online orders increased 25 percent in November and December over last year, and that Macy's would continue investing in online and mobile shopping.


Most Recent Related Stories...

Ignoring GOP Pleas, Trump Sets Tariffs In Motion

Trump sets tariffPresident Donald Trump on Thursday set in motion tariffs that will slap fees on many imports...

27 Trump says he will impose tariffs on steel and aluminum imports 'next week'

Trump to impose steel and aluminum tariffsPresident Trump said Thursday he will soon place tariffs on steel and aluminum imports —  a move...

Trump aides defend tariffs move as Europe and China decry 'trade war'

Trump aides defend tariffs as Ueope and China decry 'trade war' White House officials fanned out on Sunday to support Donald Trump’s planned imposition of tariffs on...

Dow Jones plunges 1,000 points as inflation fears spook investors

Stock Market plunges more than 1000 points Wall Street was on Thursday heading for its toughest week in more than two years after...
America's # 1 Enemy
Tee Shirt
& Help Support!
TVNL Tee Shirt
Conserve our Planet
& Help Support!
Get your 9/11 & Media
Deception Dollars
& Help Support!
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!