News

Macy's to slash 5,000 jobs despite solid holiday sales

January 5, 2018

Despite a boost in holiday sales this past season Macy's expects to cut 5,000 jobs and close seven stores.

The news, according to a USA Today report, comes after the retailer announced holiday sales, in stores at least one year old, increased 1.1 percent compared to last year.

The seven new locations set to close include locations in Florida, California, Indiana, Michigan, Ohio and Vermont. It had previously announced the close of four other stores, three in California and one in Idaho.

"Looking ahead to 2018, we are focused on continuous improvement and will take the necessary steps to move faster, execute more effectively and allocate resources to invest in growth," Macy's CEO Jeff Gennette said in a statement, according to USA Today.