Macy’s said Wednesday it’s shutting down 68 stores and cutting more than 10,000 jobs.The announcement was issued alongside an unfavorable earnings report, showing comparable store sales dipped 2.1% last quarter. The news caused its stock to plunge nearly 10% during after-hours trading Wednesday.
Source: Macy’s is closing 68 stores, cutting 10,000 jobs – Jan. 4, 2017
Macy’s has been a retail giant and an American institution for generations. A lot of retailers are facing similar decisions. Although there is not a a Macy’s where I live this still has a significant impact in how we buy goods and where does this model of store fit in a highly online world.
Walmart has closed 154 stores in 27 states, resulting in over 10,000 employee layoffs. Many of the stores that closed were the only source of groceries in the areas they served. David Begnaud is in Whitewright, Texas, where residents now have to drive 22 miles for groceries.
Source: With no Walmart, Texas town has no grocery store – Videos – CBS News
When Walmart moved into these communities they led to the closure of stores that existed for years before. Pretty crummy if you ask me.
Happy Black Friday good people. Today is the big day of deals and steals (well don’t steal anything that would get you in trouble). People were lined up at the malls and the big box stores to shop kind of like the “Hunger Games” or something like that. If you are one of those braving the elements and your fellow bargain hunters I salute you. God have mercy. Have a great day. May the odds be ever in your favor!