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News : Macy's to Cut Thousands of Jobs and Shut Stores
Cincinnati, OH, USA, Jan 7 2016 -- US department store provider Macy's said it will cut thousands of jobs and close stores after disappointing sales over the holiday season.
The cuts will impact 3,000 jobs, half of which are expected to be placed in other positions.
An additional 600 jobs will be lost in back-office operations, while 750 workers will go through the closing of a call centre.
About 36 stores will also be closed by early spring of this year.
"In light of our disappointing 2015 sales and earnings performance, we are making adjustments to become more efficient and productive in our operations," said chief executive Terry J. Lundgren in a statement.
"In some cases, there will be short-term pain as we tighten our belt and realign our resources."
A strong US dollar, low spending by tourists, warm weather and a glut of unsold inventory are being blamed for its disappointing performance over the key winter holiday season.
Consumer spending habits have also changed as people spend more money on travel and electronics and less on discretionary items such as clothing and cosmetics.
Last year, the company announced plans to close up to 40 stores in the US in early 2015.
Posted by Veronica Silva Cusi, news correspondent
Today's Tip of the Day - Involve Staff
Macy's, originally R. H. Macy & Co., is a mid-range chain of department stores owned by American corporation Macy's, Inc. It is one of two divisions owned by the company, with the other being the upscale Bloomingdale's.
Published: Friday, January 8, 2016