Holiday
sales for many traditional stores were pretty abysmal this year… Amazon far and
away captured the majority of online sales.
Stores like Macy’s, on the other
hand, actually saw a sales decrease during one of the most crucial
shopping times of the year.
Now The New York Times reports
the store chain will be closing 100 stores and cutting over 10,000 jobs.
The company, which now has 730
stores, announced in August that it would close 100 of them. On Wednesday, it
identified 68 stores to be closed.
…
Some employees may be offered
positions at nearby stores, but Macy’s estimated that 3,900 workers would be
affected by the closings. It also said it planned to restructure parts of its
business, leading to a reduction of an additional 6,200 jobs. Over all, the job
cuts represent about 7 percent of its work force.
Meanwhile, Sears Holdings Co. also
announced this week it will close 78 Kmart Stores and another 26 Sears
locations this spring.
