PHILADELPHIA (WABC) -- 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 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 it reflects challenges facing much of the retail industry.
The company said it plans to close by midyear the 68 stores, which are part of 100 closings announced in August.
Three stores in our area will close, as will a handful of others in New York and New Jersey.
--Previously announced: Douglaston, Douglaston, NY (158,000 square feet; opened in 1981; 144 associates)
--Preakness, Wayne, NJ (81,000 square feet; opened in 1963; 72 associates)
Others in the Tri-State Area:
--Moorestown, Moorestown, NJ (200,000 square feet; opened in 1999; 107 associates)
--Voorhees Town Center, Voorhees, NJ (224,000 square feet; opened in 1970; 77 associates);
--Great Northern, Clay, NY (88,000 square feet; opened in 1989; 55 associates);
--Oakdale Mall, Johnson City, NY (140,000 square feet; opened in 2000; 58 associates);
--The Marketplace, Rochester, NY (149,000 square feet; opened in 1982; 77 associates);
Macy's also plans to restructure parts of its business and sell some properties. The moves are estimated to save $550 million annually.
Shares in Macy's fell more than 8 percent in after-hours trading.
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Macy's to close 68 stores, 2 in New York area