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.
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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.
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