american eagle polos announces 5000 job cuts
Macy’s is planning 5,000 job cuts, including closure of seven previously unidentified stores and other cuts at remaining locations, as it seeks stability in a tumultuous climate for physical retail.
The retailer’s cost reductions come after its holiday sales in stores open at least a year rose 1.1%. Penney, which posted a 3.4% increase Thursday. Altogether, the company has now revealed 81 of the 100 locations.
Net job cuts, including the closures and reductions at remaining locations, will total about 5,000,
Macy’s spokesman Blair Rosenberg said in an email.
The company also said it would add jobs in certain locations to properly staff stores.
Liquidation sales are likely to begin Jan. 8 and continue for eight to 12 weeks.
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.
Despite the challenges, Macy’s reported strong performances for active apparel, beauty products, shoes, dresses, coats,
fine jewelry and some other items.