TV News LIES

Thursday, Jul 03rd

Last update06:56:44 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.

More...


Most Recent Related Stories...


Fed would have cut US interest rates by now if it weren’t for Trump’s tariffs, says Jerome Powell

Jerome Powell Federal Reserve chair Jerome Powell said earlier this morning that the central bank would likely have...

Federal cuts hit farmers and food banks: 'It really hurts'

Food pantrySylvia Tisdale believes in feeding the hungry so much that, at 70 years old, she attempted...

Federal Reserve holds interest rates, defying Trump’s demand to lower them

rome PowellThe US Federal Reserve kept interest rates on hold, but signaled it might make two cuts...

Procter & Gamble to cut up to 7,000 jobs amid economic and tariff pressure

P&G to cut 7,000 jobsProcter & Gamble will cut up to 7,000 jobs, or approximately 6% of its global workforce,...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!