Macy's announces 5,000 job cuts, 7 new store closures

USA Today

Macy's is planning 5,000 job cuts, including closure of seven previously unidentified stores and other cuts at remaining locations, as it seeks stability in a tumultuous climate for physical retail.

The retailer's cost reductions come after its holiday sales in stores open at least a year rose 1.1%.

Although the company described its holiday sales as "solid," the performance trailed fellow department-store chain J.C. Penney, which posted a 3.4% increase Thursday.. . . more