Macy’s Announces Store Closures
Macy's has announced plans to close 35 to 40 of it's department stores in early 2016.
Which Macy's stores will close haven't been chosen yet, according to usnews.com. Reportedly employees affecting by the closures may be offered positions at nearby locations, and laid off workers will be offered severance benefits.
Sales at Macy's have reportedly slowed down due to middle-class deal seeker's and online shoppers. The company has six lower-priced Macy'sBackstage stores in the works for later this year, likely an effort to compete with TJMaxx and Nordstrom Rack.
This week Macy's also announced it will wade into the world of consumer electronics opening Best Buy shops inside 10 of its stores in November. Those departments will be staffed by Best Buy employees.
Personally, I don't know how this is happening. My Macy's Star Rewards card shows how much I try to keep them in business on a monthly basis, lol.