Macy’s to Close 68 Stores

photo courtesy of Yahoo Finance

On Wednesday, January 4th, Macy’s announced that they would be closing 68 department stores in the U.S.. This is big news, as this will leave around 10,000 people without jobs. Macy’s made this decision after posting disappointing holiday sales, which fell around 2.1% from last year. Experts blame this drop on an increase in online shopping over the holidays. More and more people are beginning to shop online, which is much more convenient and usually cheaper than actually going into stores to buy things. So while holiday sales for businesses nationwide have risen around 4%, online sales have risen a drastic 17%, which means less people are going in store to shop. Since announcing the closes, Macy’s stocks have dropped almost 10%. According to Macy’s, final clearance sales will begin in closing stores on January 9th and will continue for 8-12 weeks. It is still unknown if the Macy’s store in Lima will be closing, but be sure to go into a closing Macy’s store to see what amazing sales they have.