S&P 500
7,615.20
-0.09%
Dow Jones
51,320.00
-0.10%
Nasdaq 100
30,651.40
-0.21%
Russell 2000
2,928.58
-0.15%
FTSE 100
10,383.00
-0.05%
Nikkei 225
68,424.20
+1.37%

Retail

Macy’s To Cut 7,000, And That May Not Be The End

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Updated Published
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Bejiqcavb2e9ycazw6i8pcauk6iqhca6pxdMacy’s (M) will cut 7,000 workers, about 4% of its work force. The company says it will also slash its dividend.

Macy’s same-store sales were off 4% in December. Many analysts believe that retailers which aim at middle class buyers will have an especially hard year. Some estimates put the total number of retail locations that will close in the US in the first half of this year at 72,000.

Macy’s has over 850 stores and 182,000 employees.

According to MarketWatch, "The retailer said it reduced its 2009 capital expenditures budget to about $450 million, down from a previous estimate of $550 million to $600 million."

Because it is not hard to imagine same-store sales moving down in the double digits as the first quarter moves along, these may not be the last layoffs by Macy’s (M). But, that is probably true of most large retailers.

Douglas A. McIntyre

DISCLOSURE:
INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA(www.finra.org)/SIPC(www.sipc.org). Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov. Probability of Member receiving $1,000 is a probability of 0.026%; If you don’t make a selection in 30 days, you’ll no longer qualify for the promo. Customer must fund their account with a minimum of $50.00 to qualify. Other fees, such as exchange fees, may apply. Please view our fee disclosure to view a full listing of fees. Investing in alternative investments and/or strategies may not be suitable for all investors and involves unique risks, including the risk of loss. An investor should consider their individual circumstances and any investment information, such as a prospectus, prior to investing. Interval Funds are illiquid instruments, the ability to trade on your timeline may be restricted. Brokerage and Active investing products offered through SoFi Securities LLC, Member FINRA(www.finra.org) /SIPC(www.sipc.org). There are limitations with fractional shares to consider before investing. During market hours fractional share orders are transmitted immediately in the order received. There may be system delays from receipt of your order until execution and market conditions may adversely impact execution prices. Outside of market hours orders are received on a not held basis and will be aggregated for each security then executed in the morning trade window of the next business day at market open. Share will be delivered at an average price received for executing the securities through a single batched order. Fractional shares may not be transferred to another firm. Fractional shares will be sold when a transfer or closure request is initiated. Please consider that selling securities is a taxable event. Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire investment Before trading options please review the Characteristics and Risks of Standardized Options  Investing in an Initial Public Offering (IPO) involves substantial risk, including the risk of loss. Further, there are a variety of risk factors to consider when investing in an IPO, including but not limited to, unproven management, significant debt, and lack of operating history. For a comprehensive discussion of these risks please refer to SoFi Securities’ IPO Risk Disclosure Statement This should not be considered a recommendation to participate in IPOs and investors should carefully read the offering prospectus to determine whether an offering is consistent with their investment objectives, risk tolerance, and financial situation. New offerings generally have high demand and there are a limited number of shares available for distribution to participants. Many customers may not be allocated shares and share allocations may be significantly smaller than the shares requested in the customer’s initial offer (Indication of Interest). For more information on the allocation process please visit IPO Allocation.
Follow 24/7 Wall St. on Google
Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

Continue Reading

Douglas A. McIntyre |

J.C. Penney Turnaround Finally Takes Hold

Three years after Apple's retail chief took over as CEO of J.C. Penney and set a course that nearly ruined…

What Kohl’s Didn’t Say Sent Investors Fleeing
Paul Ausick |

What Kohl’s Didn’t Say Sent Investors Fleeing

Department store retailer Kohl's said Thursday that same-store sales for the 2019 holiday season were down slightly and that full-year…

Jon C. Ogg |

Late Easter Really Boosts Retail Sales Data (COST, TGT, BJ, LTD, JWN, M, ARO, ZUMZ, HOTT)

Even though the month of April was one selling day shorter than March, the late Easter holiday more than made…

Macy’s to Open at 5 pm on Thanksgiving
Douglas A. McIntyre |

Macy’s to Open at 5 pm on Thanksgiving

Macy's will open its doors on 5 p.m. on Thanksgiving, a way to get a jump on dozens of retailers…

Macy’s Rises 5%: The Department Store Fighting Back in Amazon’s World
David Moadel |

Macy’s Rises 5%: The Department Store Fighting Back in Amazon’s World

Macy’s (NYSE:M | M Price Prediction) stock is up 5% in Wednesday morning trading, with shares climbing toward $18 after…

Macy’s, Nordstrom Face Huge Losses Due to Urban Unrest
Douglas A. McIntyre |

Macy’s, Nordstrom Face Huge Losses Due to Urban Unrest

A number of U.S. cities have been hit with protests, some of which have turned violent. Retail locations in these…

Douglas A. McIntyre |

Macy’s (M): The Retail Universe In A Box

Macy’s (M) said it would lay off 7,000 people, cut its dividend by about 60%, and begin a tender offer…

Douglas A. McIntyre |

Macy’s (M) Workers May Face More Large Layoffs

Macy’s (M) is up against the same hard rock as other large retailers who cater to the middle class, Sears…

Douglas A. McIntyre |

Retail News: Family Dollar Rejects Takeover Offer; Same-store Sales Mostly Improve (FDO, ANF, ARO, AEO, GPS, TGT, DDS, M, LTD, SSI, PIR, TJX, ZUMZ)

There’s a lot of action in the retail sector this morning, headed by a rejected buyout offer for Family Dollar…

Top Gaining Stocks

Hewlett Packard Enterprise
HPE • Vol: 153,197,465
Enphase Energy
ENPH • Vol: 8,360,053
Corning
GLW • Vol: 18,152,646
Alexandria Real Estate Equities
ARE • Vol: 4,337,015
Aptiv
APTV • Vol: 6,761,325

Top Losing Stocks

Trade Desk
TTD • Vol: 21,905,513
Intuit
INTU • Vol: 7,383,018
Coterra Energy
CTRA • Vol: 73,319,495
Cboe Global Markets
CBOE • Vol: 5,000,011
HP
HPQ • Vol: 29,259,826