Source: Macy's

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Macy's

Macy's, Inc. (NYSE: M), which owns its namesake departments stores as well as the Bloomingdale's, announced that it is cutting 5,000 jobs and closing a dozen more stores, as part of a previously revealed plan to close a total of 100 locations.

The company has been struggling to realign itself in an age of online sales and changing consumer habits. With fewer in-store shoppers, Macy's has been working to build out its e-commerce capabilities and focus on its most profitable locations, and shrinking its store 

Macy's

Macy's, Inc. (NYSE: M), which owns its namesake departments stores as well as the Bloomingdale's, announced that it is cutting 5,000 jobs and closing a dozen more stores, as part of a previously revealed plan to close a total of 100 locations.

The company has been struggling to realign itself in an age of online sales and changing consumer habits. With fewer in-store shoppers, Macy's has been working to build out its e-commerce capabilities and focus on its most profitable locations, and shrinking its store footprint by 125 locations since 2015.