Macy’s to close 40 stores, cut thousands of jobs after weak holiday sales

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NEW YORK  — Macy’s is cutting thousands of jobs after disappointing holiday sales.

The Cincinnati-based department store chain says sales fell 5.2 percent in November and December at existing stores. Warm weather and lower spending by international tourists hurt sales.

The company also listed Wednesday which 40 stores it would close including its store in Peoria’s Northwoods Mall.  That store will close in the fall. The closing of the 165,000-square-feet store, which opened in 1985, will affect 62 associates. The retailer says it expects some may be transferred to other stores.

Macy’s said Wednesday that it now expects its profit for its fiscal fourth quarter and full year, which run through January, to fall short of its previous estimate.

It sees fourth-quarter earnings per share at $2.18 to $2.23, compared with the average analyst estimate of $2.56 per share.

The company’s shares are up 1.4 percent in extended trading.

FULL LIST OF STORES CLOSING HERE

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