Macy's to close stores, cut jobs amid weak sales

Macy's says it is eliminating more than 10,000 jobs and plans to move forward with 68 store closures after a disappointing holiday shopping season. The department store chain also lowered its full-year earnings forecast.

The retailer said Wednesday that sales at its established stores fell 2.1 percent in November and December compared to the same period last year. Macy's Inc. pointed to changing consumer behavior and said its performance reflects the challenges that are facing much of the retail industry.

The company said the 68 store closures are part of the 100 closings it announced in August. Of the 68, three were closed by the middle of 2016, 63 will close in the spring and two will be closed by the middle of 2017. Some may be offered positions at nearby stores but Macy's estimates that 3,900 employees will be affected by the closures.

Macy's also said it plans to restructure parts of its business and sell some properties. This will lead to the reduction of 6,200 jobs. The moves are estimated to save $550 million annually.

Overall, Macy's said, the job reductions represent about 7 percent of its workforce.

The company, which owns the Macy's and Bloomingdale's brands, has been struggling with declining traffic in its stores, where the bulk of its business is still conducted. It said it is closing stores that are "unproductive or are no longer robust shopping destinations" as well as selling those with highly valued real estate.

It plans to invest some of its savings in growing its digital business.

Macy's said it now expects to earn between $2.95 and $3.10 per share on an adjusted basis for its 2016 fiscal year, versus its prior forecast of $3.15 to $3.40 per share. The company is scheduled to report full results in February.

Shares in Macy's fell nearly 10 percent to $32.30 in after-hours trading.

List of store closings

Macy's said Wednesday that it is moving forward with 68 store closures, which are part of the 100 closings it announced in August. Here's a look at the recently closed and soon-to-close locations.

Already Completed 2016 Closings

.Laurel Plaza, North Hollywood, California

.Ala Moana Jewel Gallery, Honolulu, Hawaii

.Valley Fair, West Valley City, Utah

Closings slated for early 2017

Greenwood, Bowling Green, Kentucky

Carolina Place, Pineville, North Carolina

Douglaston, Douglaston, New York

Downtown Portland, Portland, Oregon

Lancaster Mall, Salem, Oregon

Oakwood Mall, Eau Claire, Wisconsin

Anticipated Year-End Closings

Mission Valley Apparel, San Diego, California

Paseo Nuevo, Santa Barbara, California

Lakeland Square, Lakeland, Florida

Oviedo Marketplace, Oviedo, Florida

Sarasota Square, Sarasota, Florida

University Square, Tampa, Florida

CityPlace, West Palm Beach, Florida

Georgia Square, Athens, Georgia

Nampa Gateway Center, Nampa, Idaho

Alton Square, Alton, Illinois

Stratford Square, Bloomingdale, Illinois

Eastland, Bloomington, Illinois

Jefferson, Louisville, Kentucky

Esplanade, Kenner, Louisiana

Bangor, Bangor, Maine

Westgate, Brockton, Massachusetts

Silver City Galleria, Taunton, Massachusetts

Lakeview Square Mall, Battle Creek, Michigan

Eastland Center, Harper Woods, Michigan

Lansing, Lansing, Michigan

Westland, Westland, Michigan

Minneapolis Downtown, Minneapolis, Minnesota

Northgate, Durham, North Carolina

Columbia, Grand Forks, North Dakota

Moorestown, Moorestown, New Jersey

Voorhees Town Center, Voorhees, New Jersey

Preakness, Wayne, New Jersey

Cottonwood, Albuquerque, New Mexico

Las Vegas Boulevard, Las Vegas, Nevada

Great Northern, Clay, New York

Oakdale Mall, Johnson City, New York

The Marketplace, Rochester, New York

Eastland, Columbus, Ohio

Sandusky, Sandusky, Ohio

Fort Steuben, Steubenville, Ohio

Promenade, Tulsa, Oklahoma

Neshaminy, Bensalem, Pennsylvania

Shenango Valley, Hermitage, Pennsylvania

Beaver Valley, Monaca, Pennsylvania

Lycoming, Muncy, Pennsylvania

Plymouth Meeting, Plymouth Meeting, Pennsylvania

Washington Crown Center, Washington, Pennsylvania

Parkdale, Beaumont, Texas

Southwest Center, Dallas, Texas

Sunland Park, El Paso, Texas

Greenspoint, Houston, Texas

West Oaks Mall, Houston, Texas

Pasadena Town Square, Pasadena, Texas

Collin Creek, Plano, Texas

Broadway Square, Tyler, Texas

Layton Hills, Layton, Utah

Cottonwood, Salt Lake City, Utah

Landmark, Alexandria, Virginia

River Ridge, Lynchburg, Virginia

Everett, Everett, Washington

Three Rivers, Kelso, Washington

Valley View, La Crosse, Wisconsin

Other 2017 Closings

Simi Valley Town Center (men's/home/kids), Simi Valley, California

Mall at Tuttle Crossing (furniture/home/kids/men's), Dublin, Ohio