Macy’s cuts jobs after holiday sales slump

Cutting cost: A Macy’s sign is seen on a Macy’s store at CityPlace after reports indicate that it is one of 68 stores that the company plans on closing in West Palm Beach, Florida. Macy’s announced that it plans on shutting down 68 stores and cutting more than 10,000 jobs in a cost savings measure. – AFP

THE year-end shopping season brought little relief to the beleaguered department-store industry, leading to lower earnings forecasts and a vow by Macy’s Inc to slash 6,200 jobs.

Both Macy’s and Kohl’s Corp reported disappointing November and December results, with accessories such as handbags selling especially poorly. They each cut their outlooks for the full year, sending shares of the two companies plunging more than 10%.