When one of America’s oldest, most famous department stores starts closing doors, you know the recession is really hitting folks hard. And according to recent reports, even a store like Macy’s isn’t doing as well as we thought it was.
Was this holiday season really as bad as economists expected? It’s beginning to look that way.
Macy’s said it is shutting the doors to some of its stores, and many other retailers are reporting dismal sales figures for December.
Macy’s Inc. said Thursday that it will close 11 stores in 9 states.
Stores in Los Angeles, West Palm Beach, Nashville and St. Louis, among others will be closed. The closure will affect 960 employees and cost about $65 million.
Macy’s says its December sales at stores open at least a year, or same-store sales, fell 4 percent. That’s better than the 5.3 percent drop analysts surveyed by Thomson Reuters were expecting. However, Macy’s is lowering its forecast for the fourth quarter and full year due to heavy markdowns.
Macy’s is not alone. Many U.S. retailers reported dismal sales figures in December.
To read the rest of the story and find out what other stores are closing their doors for good, click here.