Recently, consumers have shifted to purchasing products online instead of in retail store locations, primarily. The move has been great for customers. It saves them time and is extremely convenient.
However, while more and more people flock to the internet and to Amazon, it spells trouble for big-box chains. Now, one of the most iconic brands is announcing they are closing 11 stores, including 7 locations not previously listed, and cutting 5,000 jobs.
"Macy's is planning 5,000 job cuts, including the closure of seven previously unidentified stores and other cuts at remaining locations, as it seeks stability in a tumultuous climate for physical retail," according to USA Today.
Macy's has seen a decline in sales and stock prices in recent years. Macy's stock fell 7.1% in early trading to $23.54. Sadly, many workers are now losing their jobs. According to the report, here are the store locations that are closing:
Miami (Downtown), Miami, Fla.
The Oaks, Gainesville, Fla.
Novato (Furniture), Novato, Calif.
Honey Creek Mall, Terre Haute, Ind.
Birchwood Mall, Fort Gratiot Township, Mich.
Fountain Place, Cincinnati, Ohio
Burlington Town Center, Burlington, Vt.
Laguna Hills Mall, Laguna Hills, Calif.
Westside Pavilion, Los Angeles, Calif.
Stonestown Galleria, San Francisco, Calif.
Magic Valley Mall, Twin Falls, Idaho
“Looking 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.
What do you think about this? Let us know your thoughts. Also, be sure to pray for Jeopardy's Alex Trebek after he suffered blood clots to the brain.