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Macy's closing 63 stores and cutting 10,000 jobs as sales plunge again

from Fortune

So much for a Miracle on 34th Street. Macy's said would close 63 stores this spring and eliminate 10,000 jobs as the struggling department store chain continued to grapple with weak sales during the holiday season. The retailer also announced that comparable sales, which include its booming e-commerce business and sales at stores open at least a year, fell 2.1 percent in November and December, prompting it to slash its full year profit forecast. Shares were down 10 percent in afterhours trading. more


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