A Barron's Roundtable panel offers insights into investments in Macy's, Nordstrom and Gilead Sciences.
Macy's will permanently close five locations. The closures are part of a move first reported by The Wall Street Journal on Thursday that will see the retailer cut about 2,350 jobs.
INVESTOR GROUP LAUNCHES $5.8 BILLION BUYING OFFER FOR MACY'S
“As we prepare to implement a new strategy to meet the needs of an ever-changing consumer and market, we have made the difficult decision to reduce our workforce by 3.5% to become a leaner company” a Macy's spokesperson told FOX Business.
NEW YORK, NEW YORK – JANUARY 19: The Macy's corporate logo is seen at the Macy's store in Herald Square on January 19, 2024 in New York City. The department store chain Macy's announced that it will lay off around 2,350 employees, which is about 3. … (Michael M. Santiago/Getty Images/Getty Images)
Fitting rooms are seen at the newly opened Macy's store at Arroyo Market Square in Las Vegas, Nevada, on Saturday, September 30, 2023. (Bizuayehu Tesfaye/AP Images for Macy's, Inc.) (Macy's Inc.)
The company reported in late October that there were about 500 Macy's locations. It also owns Bluemercury and Bloomingdale's.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| M | MACY'S INC. | 17.64 | -0.30 | -1.67% |
MACY'S OPENS UP TO 30 SMALL STORES
Affected Macy's stores in four states will conduct clearance sales over a period of approximately 8 to 12 weeks.
Macy's has decided to close the following stores:
Sarah-Rumpf Whitten contributed to this report