Macy’s Closing 68 Stores & Cutting 10,000 Jobs

 

MAYBE IT WASN’T A SMART IDEA TO STOP SELLING TRUMP BRAND MERCHANDISE

According to reports, Macy’s will be closing 68 stores and eliminating 10,000 jobs between now and mid-2017. The announcement was issued alongside an unfavorable earnings report, showing comparable store sales dipped 2.1% last quarter. This will leave only about 660 stores open in the United States. Obviously, the trend is to do on-line selling and will continue to be that way going forward. One has to wonder how much revenue was lost in the wake of the Macy’s decision to no longer carry Trump products. Seeing the outcome of the 2016 presidential election, one might call Macy’s business decision a “HUGE” mistake.

JMD MACYs CLOSING 002

After seeing sales drop during the holidays, Macy’s said Wednesday it has either closed or will shutter 68 stores and cut an additional 6,200 positions at a time when shoppers are going online to buy everything from scarves to lipstick.

Of the 68 stores out of 730 in total, nine closings had been previously announced and three locations have already shut down. But the retail giant revealed the locations of the remaining 59 stores, which will be shuttered by the middle of this year and affect 3,900 employees, some of whom may be offered jobs at other locations.

Some of the stores are relatively new to the chain. The Macy’s store in the Eastland center in Columbus, Ohio, opened in 2006, and has 73 employees. Some, however, are historic or have been around for decades. Macy’s said it will shutter its store in downtown Minneapolis opened in 1902, where it has 280 employees.

Additionally the retail giant says that it will be cutting “layers of management” at its central operations, and paring the number of managers supporting stores, making up the bulk of 6,200 jobs that will be lost.



If you liked this post, you may also like these:

  • The Limited is Closing All of Its 250 Stores Nationwide
  • Trump Economy off with a Bang … U.S. Added 227,000 Jobs in January 2017
  • Why Wait For Black Friday to Start the Insanity, Mayhem and Bad Behavior When You Have Thanksgiving Day …Brawl Starts at Rialto, CA Walmart
  • Heavy Police Presence Expected for the 2015 Macy’s Thanksgiving Day Parade in New York City
  • Plug Pulled on Circuit City in US … Will Shut Down and Close Remaining 567 US Stores




  • Comments

    Leave a Reply




    Support Scared Monkeys! make a donation.

     
     
    • NEWS (breaking news alerts or news tips)
    • Red (comments)
    • Dugga (technical issues)
    • Dana (radio show comments)
    • Klaasend (blog and forum issues)
     
     
     
     
     
     
     
    Close
    E-mail It