Estimated reading time: 3 minute(s)
(Source: Wall Street Journal) Macy’s Inc. said it will slash more than 10,000 jobs and detailed plans to close dozens of stores after another holiday season of weak sales, providing more evidence that department stores have lost their once-central place in American retailing.
Like its rival, Kohl’s Corp., which also warned Wednesday of lackluster holiday results, Macy’s hasn’t been able to solve consumers’ shift to online shopping. Macy’s will close stores from San Diego to Bangor, Maine, and use the savings to boost its efforts to capture more e-commerce spending.
“While many of these stores under perform, they all generate cash,” said Karen Hoguet, Macy’s chief financial officer, in an interview. Ms. Hoguet said the closures would enable Macy’s to focus on its best-performing locations.