Macy’s to Close 125 Stores, Cut 2,000 Corporate Jobs
The closings are part of the retailer’s turnaround strategy that aims to find $1.5 billion in annual cost savings by the end of 2022.
Macy’s Posts First Comp Sales Drop in 2 Years
“The mall is getting more toxic," one analyst warns. "Mall traffic will likely continue to wane over the years ahead.”
Macy’s Shares Fall 13% on Big Earnings Miss
Same-store sales improved in the second quarter but profit was hit by heavy markdowns to clear unsold merchandise.
Macy’s to Cut Top Jobs as Part of Savings Plan
The layoffs of about 100 senior-level staff will allow the retailer to move faster, reduce costs, and be more responsive to changing customer expectations.
Macy’s Ends Same-Store Sales Losing Streak
Comparable sales rose 1.3% in Q4 as the retailer's renewed emphasis on apparel helped bring in more shoppers and persuaded them to spend more.
Macy’s Comp Sales Drop 3.6%, Earnings Beat
The same-store sales drop was worse than analysts expected but tight inventory control drove an improvement in profitability.
Macy’s Same-Store Sales Decline Slows in Q2
The struggling retailer's stock fell 10%, apparently reflecting investor doubts over the progress of its turnaround efforts.