Finance

Macy's Names 68 Stores It Will Shutter; 10000 Jobs To Go

Macy's Names 68 Stores It Will Shutter; 10000 Jobs To Go”

Macy's identified 68 stores set for closing and other restructuring moves that will cost about 10,000 jobs, as the department store chain aims to further streamline and recover after a poor holiday sales period.

The job cuts are said to represent around 7% of its workforce, and although the company has said some of those may be offered positions in other stores, there has been no guarantees as of yet.

Macy's shares fell 10 per cent in post market trading following the announcements.

Customers have turned to other low-priced alternatives in the United States such as TJ Maxx, as well as online retail through Amazon and other e-commerce companies.

The Cincinnati-based retail giant announced it would close its store in Brockton's Westgate Mall, which employs 79, as well as its store in Taunton's Silver City Galleria, which employs 82.

Irish flights to London cancelled after freezing fog hits UK
Earlier a spokesman for Heathrow Airport said: "Heathrow is still in heavy fog, which is expected to continue into the afternoon". Visibility dropped to less than 100 metres on the airfield, leading to lengthy delays to practically all other departing planes.

On the same day, the company announced that it plans to make a "headcount reduction of approximately 6,200 employees" starting in early 2017.

It came after Macy's announced a 2.1% year-on-year fall in comparable sales in November and December. We are closing locations that are unproductive or are no longer robust shopping destinations due to changes in the local retail shopping landscape, as well as monetising locations with highly valued real estate. On Wednesday, the locations of the stores were made public.

Macy's CEO Terry Lundgren called the closings "part of our strategy to help us right-size our physical footprint" even as it expands its digital offerings.

"These latest struggles underscore the challenges that Jeff Gennette will face in 2017 when he takes over the chief executive reins" from Lundgren - "a succession plan Macy's had announced last summer", the WaPo's Halzack writes.



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