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.
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