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Posted on 01/06/2016 6:47:19 PM PST by God luvs America
Department store Macy's announced Wednesday it will cut thousands of jobs as part of restructuring to trim costs and reverse what it called "disappointing 2015 sales and earnings."
With the overhaul, Macy's expects to reduce expenses by about $400 million annually, starting this year. It will cut about 3,000 associate jobs and more back-office and call center positions, as well as create a "voluntary separation opportunity" for 165 senior executives. Some of those employees will be moved to other jobs.
The company will also take $200 million in charges related to restructuring and store closings in the fourth quarter of 2015. Macy's cut its fourth-quarter earnings guidance to $2.18 to $2.23 per diluted share, excluding those charges, versus a consensus forecast of $2.53 per share, according to Thomson Reuters.
(Excerpt) Read more at cnbc.com ...
they then miss their third quarter earnings expectation by a huge margin and get slaughtered for the year and lose millions of $$$
anyone see a coincidence brewing?
The Trump curse!
Retail is getting hammered by Amazon. People go to stores now to look at stuff. Go home and order it. No sales tax and lower price. With Prime for 99 bucks you get next day shipping all year.
It’s a wonder any retail store survives that. Expecting both Sears and Best Buy to bite the dust within a year or two.
we need a conservative alternative to Amazon.
Retail brick and mortar stores are giving way to online shopping. Easier and in some cases, safer than going to a mall infested with hoodlums.
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Macy’s to cut over 4,000 jobs after poor holiday sales
http://www.freerepublic.com/focus/f-news/3380541/posts
You go to a mall you risk getting shot, getting stuck in crowds, having to park (I got into a battle with someone over a parking place)....it’s just not fun anymore.
However, I’ve done a lot of returns for stuff I bought online because things weren’t what they appeared.
I’d hate to see the stores go away...well except for the anti-Trump ones...but I think it could have been predicted that brick and mortar would be suffering from the internet.
i searched macys twice before i posted and nothing came up...
The media will never admit that boycotts work. They will give every reason under the sun for Macy’s demise but the right one.
The Trump Effect
Here’s another one posted between the first one and this one.
Search hint - don’t search on the full headline, pick a fairly unique word (here, Macy’s will show all 3 stories) or phrase. Technically not duplicate posts since they are different sources, text, and headlines. So no snarky comments from me.
Macy’s to Cut Costs, Jobs (correlation with Macy’s dumping Trump?)
http://www.freerepublic.com/focus/f-news/3380547/posts
In Macy’s case, there is more than one ‘right one’ as to why they are struggling.
There is no reason except for poor management and stupid executive decisions that Sears didn’t own internet sales.
They started as a catalog company. What is internet sales but a catalog on line?
Price is a huge issue; I don’t shop much, but I often find things on Amazon that are AT LEAST half as cheap as you’d buy in a store. I’ve been in both a book store and an army navy store where they offered to order things they didn’t have in stock (not rare items, but they don’t want to sit on inventory); I politely declined and explained I’d order them myself.
The hoodlums issue is a big deal here in NJ, where ferals only have to drive a few miles off the welfare reservation to rob People That Matter.
Excellent point re Sears. They had the name and the money.
The problem is you have the company starters who are innovative thinkers. Over the decades the corporate bots take over and they have no clue. Look at IBM. They could have been Microsoft AND Apple. Instead, they’re an afterthought at this point. Still around but irrelevant. Just like Sears.
I wouldn’t necessarily attribute this to Trump; Macy’s has been in trouble since Americans had to adjust to the “new normal” of serf-like standards of living (working just for food and a roof over our heads). Many years ago someone gave me a Macy’s gift card, and I had a hard time using it; I just couldn’t bring myself to buy the over-priced goods that were exactly the same as ones for half the price in other stores.
Another article on it.
Macy’s blamed (get this) ... “ unseasonably warm weather was responsible for most of the decline.”
All of what you said is undoubtedly true. But what I don’t understand is this:
The snowbird season started recently (I live in Sarasota, FL) and you wouldn’t believe the number of snowbirds who rush out to shop at our versions of the very same stores they have up North. Our Macy’s is just like their Macy’s. Our Bed, Bath and Beyond, our BestBuy, our Sports Authority....you get the picture. But they love to leave their money down here. Not that we’re complaining; it’s especially nice after they leave.
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