Macy’s Announces Mass Store Closings And Layoffs As Trump Congratulates Himself On Economy

Trump just gave himself a big round of applause on the economy:

On the same day, Macy’s announced thousands of layoffs and over a hundred store closings, signalling that the economy might not be as great for workers as Trump would like people to believe.

CNBC s reports on the announcement:

“Stuck in a sales slump, Macy’s is shrinking to grow.

The department store chain announced Tuesday it plans to shut 125 stores over the next three years and slash about 2,000 corporate jobs, as it closes its Cincinnati headquarters and tech offices in San Francisco.

Macy’s said it plans to exit weaker shopping malls, and instead shift its focus toward opening smaller-format stores in strip centers. Macy’s has shuttered more than 100 stores since 2015.

Still, looking ahead three years from now, even with these changes, growth at Macy’s looks abysmal.

With a smaller base of stores, Macy’s said net sales in fiscal 2022 are expected to be within a range of $23.2 billion to $23.9 billion, while earnings per share, on an adjusted basis, will be between $2.50 and $3.00. Same-store sales, on an owned plus licensed basis, are forecast to be down 1% to flat.”

For the rest of the story, visit CNBC here.

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