Macy’s, Sears-Kmart to close stores, cut jobs amid weak sales

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Macy’s says it is eliminating more than 10,000 jobs and plans to move forward with 68 store closures after a disappointing holiday shopping season. The department store chain also lowered its full-year earnings forecast.

The retailer said Wednesday that sales at established stores fell 2.1 percent in November and December compared to the same period last year. Macy’s Inc. pointed to changing consumer behavior and said it reflects challenges facing much of the retail industry.

The company said it plans to close by midyear the 68 stores that are part of 100 closings announced in August. The moves are estimated to save $550 million annually.

The Macy’s store at University Park Mall in Mishawaka is not on the list of stores that will close.

Sears Holdings has announced it will plans close 78 Kmart stores and 26 Sears stores in 2017. Its a part of the company’s ongoing plan to evaluate store space and productivity, and accelerate the closing of some unprofitable stores, according to 95.3 MNC’s reporting partners at ABC 57.

The Kmart store on West State Road 2 in LaPorte is on the list of stores that will close.

Liquidation sales will begin as early as Friday, Jan. 6.

The Associated Press contributed to this story.

 

 

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