Skip to comments.The US Consumer Is So Strong, Macy's Just Fired 2500 And Announced The Closure Of Five Stores
Posted on 01/08/2014 1:36:55 PM PST by dynachrome
Just out from Macy's, which first said the following: "The 2013 holiday season was successful for Macys and Bloomingdales as we offered fresh and distinctive merchandise, delivered great value to the customer and provided a robust omnichannel shopping experience... Even in a questionable macroeconomic environment with challenging weather in multiple states, the positive response from our customers during the holiday season is yet another vote of confidence that our well-established strategies continue to work for us." What well-established strategies one may ask? Why the following of course, which was also just disclosed in a separate news release "outlining cost reduction initiatives to support continued profitable sales growth": "Approximately 2,500 employees are expected to be laid off and are eligible for severance as a result of these organizational changes. Other associates are being reassigned with new duties or transferred; some open positions will not be filled."
And just in case the message was missed, "The company is announcing today that it will close the following five Macys stores in early spring 2014:
Fiesta Mall, Mesa, AZ (159,000 square feet; opened in 1979; 98 associates); Metcalf South Shopping Center, Overland Park, KS (216,000 square feet; opened in 1967; 88 associates); Jamestown Mall, Florissant, MO (200,000 square feet; opened in 1994; 88 associates); Medley Centre, Irondequoit, NY (129,000 square feet; opened in 1990; 96 associates); Fashion Place Mall, Murray, UT (26,000 square feet; opened in 1988; 42 associates). Luckily, JCP and Sears are both hiring.
What can one say but a truly vibrant economy, and a consumer that has never been stronger.
As for M stock, it's up 6% after hours.
No direct link from Macys listed. If someone has it please add to thread
Life in Obamatopia.
Oh, man. Where am I going to shop now?
Never understood why anyone would shop at Macy’s anyway. High priced middle of the road crap.
Nobody outside the Macy's boardroom has any idea what the hell that is.
Of course, I'm guessing that every one of them thinks the Affordable Care Act is about affordable care.
Not to slight the Baraqqi Depression, but traditional dept stores and malls in general are dying.
I suspect you’ll see Democrat programs to convert malls into Section 8 housing.
It’s the Obama Economic Miracle filtering down through the various programs designed to facilitate extraordinary growth and expansion. Fast & Furious, NSA Surveillance America, Affordable Death Care, LGBT Options for Living, America Leading:Eavesdrop Euro
Things are grand and going well here at the company, and you’re all fired
Too bad the Federal government isn’t forced to downsize like companies that actually offer something in exchange for your hard earned money.
The retailer said it will combine its Midwest and North regions and reallocate within its regional divisions to streamline its operations.
It is cutting front-end employees at some stores, although it did not specify where or how many. It will also reduce staff behind the scenes, including some merchandise planning positions and central office roles.
Beyond the 2,500 that are expected to be laid off, other associates will be given extra duties or transferred, Macy’s said. Some open positions will not be filled.
The company, with corporate offices in both Cincinnati and New York, has 175,000 associates.
just about the only economic sectors that are still alive are where the O administration has not figured out ways of killing it off (some SillyCon Valley computer-related firms, Communist China immigration bidding or propping up a few selected realty markets, energy development in places the administration couldn’t prevent or close down, etc.)
Overall, the Great Obama Depression continues spiraling the American economy and jobs down down down...... (as per design), and the further advent of Obamacare and all the new higher taxes will only speed this descent
NEW YORK (MarketWatch) — Macy’s Inc. M +4.94% said on Wednesday that it plans to cut 2500 jobs and shut five underperforming stores. The layoffs come from areas including reducing the number of districts and eliminating district planners for home furnishings.
Separately, Macy’s also reported holiday same-store sales in November and December rose 3.6% and were up 4.3% when factoring in departments licensed to third parties.
NYSE: M - Jan 8 4:51 PM ET
After Hours: 54.49
Macy’s settles with Martha Stewart, but J.C. Penney fight ongoing
Martha Stewart Living Omnimedia and Macy’s announced Thursday that they had settled a lawsuit that accused Stewarts company of violating an exclusivity agreement by selling products at rival chain J.C. Penney.
Neither MSLO nor Macys disclosed terms of the arrangement. Macys said the deal doesnt affect its ongoing suit against J.C. Penney.
The tussle stemmed from Stewarts 2011 deal to sell home goods in J.C. Penney stores and for the retailer to snap up a nearly 17% share of MSLO.
At that point, the domestic doyennes company had already been peddling products at Macys for years. Macys promptly sued both companies.
In October, J.C. Penney said it would sharply scale back the Martha Stewart merchandise featured in its stores, eliminating the Stewart-designed bed, bath and cookware products to which Macys lays claim.
The company also said it would sell its stake in MSLO.
Recent Press Releases
The company also noted that it will forego an expected $150 million pension contribution in the fourth quarter of 2013 as a result of better-than-expected market returns.
Well, once I was looking for something that they did not stock, and instead of trying to sell me something I didn’t want, they sent me to one of their competitors! Imagine that! After that, I became a Macy’s customer (and made sure the floor manager knew why).
Plus, one of their associates was a kindly old guy who spoke Dutch.
Sinking deeper and deeper into the recovery.
This is just fabulous, using Clown Prince nobama’s comments yesterday that “more unemployment checks equals more jobs”. Anyone who questions his logic is just a racist (and racist dope-rah feels you should die anyway).
I don’t generally shop there, but I found a Christmas gift for my mom there I was unable to find anyplace else. Two of the nicest, most polite young kids waited on me there.
Hope they land on their feet.
“Recovery summer on the way!”
Yep, to bad they could not hold on until Summer time.
I mean the two mommyies catalog and ellen degenerate as spokesfreak worked out well for JCP, why not?
I disagree with you. I shop Macy’s when they are having a good sale—and always find something I like and that fits me. Some of my favorite outfits came from Macy’s.
Shop Nordstrom’s Rack or Sak’s Off Fifth or Neiman Marcus Last Call instead. You’ll get much higher end stuff at a lower price usually.
To each his own. I never step foot in Macys. Not when I can buy from Nordstrom’s Rack. I also shop Sak’s Off Fitch and Neiman Marcus Last Call. Higher end stuff at really reasonable prices. And if you shop the clearances you can get high end stuff at a really good price.
Macy’s is middle of the road. I wear higher end stuff than they carry usually for a lot less.
I just read where Walmart employees have cheap premiums, heavily subsidized by the company with better benefits than obamacare. Their premiums age going up 5 to 9 times the current amount.
People with employer provided insurance are about to get some hits.
I recently came to the conclusion that a “crash” is years away. Not so sure now.
“Yeah, and tell that Santa I won’t forget him either.”
Recovery summer on the way!
That will be Recovery Summer 5.0. The previous four didn’t work out so well.
I have seen Penneys on lists of brands to be ended this year...wonder if there is someone going to buy out their real estate division? They never lease, but own their properties.
That store was always filled with mincing homo guys and perfume women with too much makeup and acted SUUUPER SNOBBY but had no money.
Look for more of this in retail. The Christmas shopping season was dismal, but since this is obama’s eonomy as opposed to the Bush economy no one is reporting it. When George Bush was President an increase of 4% in same store sales was reported as the end of the world, in the obama economy a 1or 2% increase doesn’t even merit mention.
Its the Obama Economic Miracle...
The only thing miraculous about it is that we haven’t yet fallen into a full blown national depression.
Jamestown Mall is a dying mall that has been in foreclosure for a few years. Dillard’s has been gone from that location for sometime. I was surprised that there was still a Macy’s there.
50% off the reduced price is a “good sale” for me! Designer items are special at that price. Michael Kors, Ralph Lauren, and Coach yesterday...did I need them...NO but liked them!
Not yet in Macy’s but Lord and Taylor was great yesterday.
or you’ll see ObamaMacy cards whereby the beneficiary gets free clothes at Macy’s
Not surprised; the Macys in our town is a mess. I can’t remember the last time I was in there. But then, who goes to malls anymore? Only teenagers, surely.
The bit at the end of the article about JCP and Sears was no doubt meant as sarcasm.
I live in a part of the US that’s supposed to be minimally affected by the bad economy but things are dismal here, too. I need a new job and I confess that I’m scared.
I love Macy’s and shop there all the time.
I wear higher end stuff than Macy’s carries. You can buy the brands that Macy’s carrys cheaper almost anywhere here.
“a robust omnichannel shopping experience “
I got a TV that picks that up.
You are correct. A few years ago I got a set of dishes online from Macy’s. They looked really nice in the pictures and were above average in cost without being super expensive so I had high hopes that they’d be good quality. When they arrived and were unpacked I quickly realized that they were cheap junk better suited for sale at Big Lots for about 1/4 the price. Haven’t shopped at Macy’s once since then, in-store or online.
But every week I would get their flyer in the mail. The joke around the house was, “My God! Macys is having a 1day sale on Saturday! Cancel your plans!”
Obama ought to help Maceys out: Require them to keep these stores open but (and this is most important) double all employees annual pay. Problem Solved
The once vital mall in our relatively small Florida county now features an indoor miniature golf in the former Sears anchor store, several resale shops, a movie theater and a handful of minor chain shops. Sears left about a year ago, Belk closed its doors this month, JC Penney’s bowed out this past year, K-Mart (now owned by Sears) is the only anchor left. The food court is pathetic and an indoor bi-monthly farmer’s market hopes to lure customers.
In other words, no shop ‘till you drop here. The best thing left in the mall is the mani/pedi salon with very reasonable prices.
Middle of the road is just fine with me. I don’t care about higher-end stuff.
That said, our local Macy’s is a graveyard. Stock is sparse, there’s no selection, and the upper floor is so bare it looks like they’re getting ready to close.
No “Miracle on 34th Street” for these unfortunate 2,500 souls.