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

[McFurd]

USA Today - 1/4/2018 - Nathan Bomey - 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 Macy's stock fell 7.1% in early trading to $23.54. Read more @ https://www.usatoday.com/story/money/20 ... 002886001/