Trump-Bashing Macy’s Closing 100 Stores

Trump-Bashing Macy’s Closing 100 Stores

Uh oh. Macy’s is shutting down stores! Yes, at least a 100 of them and the announcement was made yesterday. Do you remember the big hooplah that went down when they dropped Trump’s line…and were a bit cocky about it? Well…I’m sure he does.

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From the LA Times:

The Cincinnati-based company said the locations of the closed stores would be announced at a later date. It would not say whether the closures would include any of its 127 stores in California.

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Most of the closures will occur early next year and involve an unspecified number of job cuts, Macy’s said.

Macy’s currently operates 675 full-line stores nationwide and 728 stores overall. The stores being closed generate roughly $1 billion in annual sales, or 4% of Macy’s total sales.

“Nearly all of the stores to be closed are cash flow positive today, but their volume and profitability in most cases have been declining steadily in recent years,” Macy’s President Jeff Gennette said in a statement.

Macy’s said closing the stores would enable the chain to bolster its online presence and “elevate our total customer experience across all methods of shopping.”

The move follows the chain’s decision to shut 40 stores earlier this year.

Macy’s said the upcoming store closings would not affect its Bloomingdale’s division.

Also on Thursday, Macy’s announced a sharp drop in its second-quarter profit on a 4% drop in sales.

Macy’s said its same-store sales last quarter — that is, sales at stores open at least one year, which is a key gauge of retailing — fell 2% from the same quarter last year.

“We operate in a fast-changing world” that requires “doing things differently and making tough decisions,” Macy’s Chief Executive Terry Lundgren said in a statement.

“We operate in a fast-changing world” that requires “doing things differently and making tough decisions,” Macy’s Chief Executive Terry Lundgren said in a statement.

Although it’s a bit shocking that it’s Macy’s now that has to shut down stores, I can’t say that we didn’t in a way see this coming. This is Obama’s America after all… and the economy under his rule is obviously… crap.

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