MACY’S SET TO CLOSE 68 STORES, CUT MORE THAN 10,000 JOBS IN RESTRUCTRUING

CINCINNATI — Macy’s identified 68 stores set for closing and other restructuring moves that will cost about 10,000 jobs, as the department store chain aims to further streamline and recover after a poor holiday sales period.

The retailer said the closings planned in markets in Florida, California, New York, Pennsylvania and other states are part of about 100 closings it announced in August. The closings and related restructurings are expected to save the company about $550 million a year starting this year and enable it to pump an additional $250 million into its online business in the face of declining store traffic.

In a separate announcement, the department store retailer said same-store sales were off 2.1% in November and December from the same months a year ago.

Macy’s Chairman and CEO Terry Lundgren said the performance “reflects the broader challenges facing much of the retail industry.” The retailer saw double-digit e-commerce gains at macys.com and bloomingdales.com, but “store sales continued to be impacted by changing customer behavior.”

Furniture and bedding were among Macy’s stronger categories along with apparel and jewelry