Macy’s, Sears Shut Stores amid Losses

Macy’s announced that it is shutting down 68 stores and cutting more than 10,000 jobs. The announcement was issued alongside an unfavorable earnings report, showing comparable store sales dipped 2.1% last quarter. The news caused its stock to plunge nearly 10% during after-hours trading Wednesday.

Meanwhile, Sears Holdings is also closing 150 stores including 108 Kmart stores while also selling its Craftman brand to Stanley Black & Decker for about $900M to raise cash.

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