Retail giant Macy's announces 5000 job cuts and more store closures

MGN
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NEW YORK (WILX) -- The retail giant Macy's is planning on cutting jobs and closing stores.

They hope that these moves will help the company stabilize after losing money in a struggling retail environment.

Macy's is reporting that their holiday sales were up by 1.1%, however, the performance trailed fellow department store and competing chain, J.C. Penney, which posted a 3.4% increase.

Over ten locations are set to be closed this year, including the Macy's at Birchwood Mall in Fort Gratiot Township in Michigan.

The closures are part of a plan that was announced in August 2016 to close 100 stores nationwide.

They are planning on liquidation sales that will begin around January 8 and continue for 8-12 weeks.

"Looking ahead to 2018, we are focused on continuous improvement and will take the necessary steps to move faster, execute more effectively and allocate resources to invest in growth," Macy's CEO Jeff Gennette said in a statement.