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Macy’s shares began tumbling after the department store chain reported sluggish sales during the holidays and said it will close about 63 stores this Spring.
The closings and other efforts to reduce expenses will mean that more than 10,000 people will lose their jobs.
Macy’s, which has been trying to deal with declining traffic in its stores, is also looking at ways to squeeze more money out of its real estate. The biggest department store chain in the U.S. says it wants to invest more in its digital operations.
Carole Zimmer, FOX News.
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