Veteran department-store chain Macy's is laying off about 2000 employees, and closing five stores as it continues to shrink its massive retail business for the online-shopping era.
The company has been struggling against rising competition and a migration of shoppers away from department stores.
Retailers often lay off employees and announce store closures after the holidays, especially if they had a sluggish sales season.
Macy's has attempted numerous strategies in recent years to revitalise business, such as new brands and smaller stores, but the moves have not altered its long-term trajectory.
The company first opened in 1858 and now operates about 500 Macy's branded stores, as well as 55 of its upscale Bloomingdale's chain.
comments powered by Disqus
.jpg){kind=logo}
All feeds
