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.
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