Macy's to cut 10,000 jobs amid store closures

MGN
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NEW YORK (KKTV) - With plans to close 68 more stores, Macy's says it's cutting more than 10,000 jobs. The move follows a disappointing holiday shopping season for the department store.

Sales at established stores fell 2.1 percent in November and December compared to the same period last year. Macy's Inc. credits changing consumer behavior and says it reflects an uphill battle for a lot of the retail industry.

The 68 stores are part of 100 closings announced in August of 2016. The stores are planned to be closed by midyear. The closures are expected to save $550 million annually.

Shares in Macy's fell more than 8 percent in after-hours trading.