Macy’s to close 68 stores, including 3 in New Jersey, amid weak sales
Macy's says it is eliminating more than 10,000 jobs and plans to move forward with 68 store closures after a disappointing holiday shopping season. The department store chain also lowered its full-year earnings forecast.
Three of the stores announced to close are located in Moorestown, Voorhees Town Center and the Preakness in Wayne. Over 250 New Jersey employees are expected to lose their jobs due to the closures.
The retailer said Wednesday that sales at established stores fell 2.1 percent in November and December compared to the same period last year. Macy's Inc. pointed to changing consumer behavior and said it reflects challenges facing much of the retail industry.
The company said it plans to close by midyear the 68 stores that are part of 100 closings announced in August. It also plans to restructure parts of its business and sell some properties. The moves are estimated to save $550 million annually.
Shares in Macy's fell more than 8 percent in after-hours trading.
The Associated Press wire services contributed to this report.