Macy’s to Cut 10,000 Jobs, Close Stores Amid Brick-and-Mortar Woes

Macys

The make-or-break fourth quarter wasn’t kind to a couple of large retailers. Both Macy’s and Kohl’s were definite losers in a holiday season that is on track to be a winner overall.

Sluggish store traffic has placed significant pressure on Macy’s, which posted a 2.1% decline in comparable store sales compared to November and December of the previous year.

And while online is faring better, it represents a fraction of the retailer’s total sales.

“We are pleased with the performance of our digital business, with double-digit gains at both macys.com and bloomingdales.com; however, store sales continued to be impacted by changing customer behavior,” Macy’s, Inc. chairman and chief executive officer Terry Lundgren, said.

Read more at Sourcing Journal.

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