The dire news in the retail sector just keeps coming and coming. Macy’s, one of the largest department stores in the country, announced that it will shut down at least 11 underperforming stores across nine states. Up to 960 employees might lose their jobs, though some will be considered for open positions at other locations. Stores in Los Angeles, West Palm Beach, Fla., Nashville, Tenn., and St. Louis are slated to shut down soon.
Macy’s December sales were 4 percent lower than a year ago, and down 7.5 percent during the combined November/December holiday period, leading to company officials lowering the expected per-share earnings of Macy’s stock for the 4th quarter.
I’ve never been a big fan of Macy’s, but started shopping there a bit more after they took over for Marshall Field’s in the Chicago area. I hate to see them closing stores, as it’s just another indication of how bad the economy is right now. I’m tired of all the gloom and doom these days… how about some good news for once?