Macy's to close 40 stores across the U.S., cut 4,800 jobs
After a holiday shopping season that saw sales fall 4.7 percent in November and December, Macy's is cutting 4,800 jobs and closing 40 stores, the company announced Wednesday.
Chief Executive Terry J. Lundgren blamed slumping sales on a strong U.S. dollar that kept international tourists from spending a lot and warm weather in the northeastern part of the United States, The Wall Street Journal reports. "About 80 percent of our company's year-over-year declines in comparable sales can be attributed to shortfalls in cold weather goods, such as coats, sweaters, boots, hats, gloves, and scarves," he said. The company said it expects to see sales continue to decline this month.
There are about 770 Macy's stores across the United States, and the 40 slated to be closed include locations in California, Virginia, Ohio, New York, New Jersey, and Hawaii. Roughly 2,700 of the eliminated positions will come from those stores.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Catherine Garcia is night editor for TheWeek.com. Her writing and reporting has appeared in Entertainment Weekly and EW.com, The New York Times, The Book of Jezebel, and other publications. A Southern California native, Catherine is a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.
-
USC under fire for canceling valedictorian speech
Speed Read Citing safety concerns, the university canceled a pro-Palestinian student's speech
By Rafi Schwartz, The Week US Published
-
Why Johnson won't just pass Ukraine aid
Speed Read The House Speaker could have sent $60 billion in military aid to Ukraine — but it would have split his caucus
By Peter Weber, The Week US Published
-
Winchcombe meteorite: space rock may reveal how water came to Earth
The Explainer New analysis of its violent journey confirms scientific theories on the origin of our planet's H2O
By Sorcha Bradley, The Week UK Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published