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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