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Photo credit: Flickr/ Guyermo
Macy’s has announced plans to close 400 stores and eliminate more than 4,500 positions after same-store sales declined 4.7% in November and December.
Macy’s CEO Terry Lundgren says 80% of the decline can be blamed on unsold cold weather goods from the season’s warm weather, RetailWire reports.
A direct cost-cutting response to current market conditions, Lundgren says Macy's will continue to add stores but be more disciplined about "closing stores that are unproductive."
The company says the per-store impact of the 4,500 job losses will be relatively small; across its 770 stores, only three to four jobs at each one will be eliminated. [RetailWire]
