Sources suggest that Macy's will be closing 68 stores and laying-off some 4,000 employees nationwide. This is after a disappointing holiday shopping season. The department store chain also lowered its full-year earnings forecast.
The retailer said that sales at established stores fell 2.1 percent in November and December compared to the same period last year. Macy’s Inc. pointed to changing consumer behavior and said it reflects challenges facing much of the retail industry.
The company also plans to restructure parts of its business and sell some properties. The moves are estimated to save $550 million annually.
Check out the list of recently closed and soon-to-close locations at Wdtn.com.
Despite everything, four new Macy’s and Bloomingdale’s stores are currently planned and/or under construction. Find out more at USA Today.