Macy’s to cut thousands of jobs, close stores

After disappointing holiday sales, the retailer issued plans to cut costs. In a jargon-rich statement, its chief said the changes would cause ‘short-term pain.’

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The holiday season didn’t bring joy for Macy’s.

Citing declining profits, the retailer will close 40 stores by year-end, with up to 4,800 employees’ positions cut.

About 3,000 of those affected employees come from the 40 stores the retailer is closing, but Macy’s says roughly half are “expected to be placed in other positions.”

The news comes after disappointing holiday sales numbers. The Wall Street Journal reported:

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