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.
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 has worked as a senior writer at The Week since 2014. Her writing and reporting have appeared in Entertainment Weekly, The New York Times, Wirecutter, NBC News and "The Book of Jezebel," among others. She's a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.
-
Elounda: coastal calm in eastern Crete
The Week Recommends Secluded luxury on the Cretan coast, with options for families or grown-ups only
By William Leigh Published
-
6 homes near national parks
Feature Featuring a lodge surrounded by red-rock mountains in Utah and a cottage within walking distance of Acadia National Park
By The Week Staff Published
-
News overload
Opinion Too much breaking news is breaking us
By Theunis Bates Published
-
Bitcoin surges above $100k in post-election rally
Speed Read Investors are betting that the incoming Trump administration will embrace crypto
By Peter Weber, The Week US Published
-
Enron mystery: 'sick joke' or serious revival?
Speed Read 23 years after its bankruptcy filing, the Texas energy firm has announced its resurrection
By Peter Weber, The Week US Published
-
US charges Indian tycoon with bribery, fraud
Speed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
By Peter Weber, The Week US Published
-
Boeing machinists approve contract, end strike
Speed Read The company's largest union approved the new contract offer, ending a seven-week strike
By Peter Weber, The Week US Published
-
US economy still strong in final preelection report
Speed Read It grew at a solid 2.8% annual rate from July through September
By Peter Weber, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published
-
Ports reopen after dockworkers halt strike
Speed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
By Peter Weber, The Week US 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