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Macy’s to cut 4,500 jobs after holiday sales slump

Macy’s to cut 4,500 jobs after holiday sales slump

Macy’s said today that it will eliminate about 4,500 jobs, or about 3 percent of its workforce, in a
Macy’s to cut 4,500 jobs after holiday sales slump
Macy's in New York City.
Photographer: COURTESY PHOTO

Macy’s said today that it will eliminate about 4,500 jobs, or about 3 percent of its workforce, in a major restructuring drive. It said slumping holiday season sales hurt its bottom line.

The department store chain’s holiday woes were a harbinger of what could be a difficult winter for retailing.

Macy’s said sales at its Macy’s and Bloomingdale’s stores fell 4.7 percent in November and December, partly because unseasonably warm weather across much of the country discouraged shoppers from buying coats and other outerwear.

Macy’s aims to save $400 million a year from various cutbacks and a streamlining of its store operations into five regions, down from seven. About 3,000 of the jobs being eliminated are store employee positions, the retailer said, while 165 senior executive posts are being trimmed. The company also will cut 650 back-office jobs and close a call center in St. Louis.

The retailer said it also would push ahead with the previously announced closing of 36 stores in the early spring. Macy's has two stores in the Capital Region -- at Crossgates Mall in Albany and at Colonie Center -- but neither is scheduled to close, according to a list released by Macy's.

The closest stores to the Capital Region that are scheduled to close are at the Berkshire Mall in Lanesborough, Mass., and at Hudson Valley Mall in Kingston, N.Y.

The Macy's in Rotterdam Square Mall closed last year.

Macy’s operates about 900 stores in the United States.

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