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Macy's, Inc.

Macy's to slash 4,800 jobs and close 40 stores after disappointing holidays

Macy's to slash 4,800 jobs and close 40 stores after disappointing holidays

After a disappointing holiday season, Macy's Inc. said Wednesday that it planned to cut about 4,800 jobs and close 40 stores as part of efforts to slash costs.

The department store chain, which is closely associated with the holiday season, said comparable sales for November and December 2015 dropped 4.7% compared with the previous year.

That could be a sign of trouble for the overall retail industry, where some companies make as much as 40% of their annual revenue during the holidays.

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Terry J. Lundgren, Macy's chief executive,...

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