From NBC Universal:

Macy’s plans to cut about 3.5% of its workforce and close five mall locations to reduce costs and address tumbling sales. 2,350 employees will be affected, and the stores will close in early 2024 in Virginia, California, Hawaii, and Florida. Macy’s has been struggling to keep up with e-commerce competitors and will shut down a majority of locations by early 2024. Shares of the company have dropped nearly 11% so far this year. Last reported, Macy’s sales have lagged and stock has underperformed the S&P 500. The number of its flagship stores has decreased, with the projected closure of more than 10 locations in 2024. The news was first reported by The Wall Street Journal.



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