Independent thinking for complex markets and current events
Yet another hundred stores closing mean that thousands of more people will be out of a job over the next few months as all these locations close. And this is all happening when many companies are tightening up their belt and not hiring anyone due to the gloomy economic outlook. How bad will this economy …
Both Macy’s and Foot Locker are 2 iconic American brands that are suffering right now and reporting much lower than expected holiday sales and earnings. Meanwhile, other companies like Walmart and Costco are crushing it and bringing in higher than expected sales. So what’s going on?
Macy’s Inc. said it would delay its third-quarter earnings release after an investigation revealed an employee hid more than $100 million of expenses. An employee “intentionally” made erroneous accounting accrual entries to hide about $132 million to $154 million of cumulative delivery expenses stretching over multiple years, the company said Monday. The worker, who was …
A group of thieves in NY were recently apprehended stealing from Macy’s, and police say they controversially got help from an unlikely source…
Macy’s decision to close nearly a third of its stores will spark change in malls and communities across the U.S. Some of those transformations may catch shoppers by surprise. The retailer said in late February that it plans to close about 150 of its namesake locations by early 2027. Macy’s has not yet revealed which …
The iconic but struggling US department store Macy’s announced plans on Tuesday to close almost a third of its eponymous locations by 2026 while building up its upscale Bloomingdale’s and Bluemercury brands. In a new strategy aimed at breathing life into the 166-year-old retailer, the company said it would shut 150 “underproductive” Macy’s locations. The …
A man stabbed a security guard to death and injured another guard after trying to steal merchandise from the Macy’s store in Center City, Philadelphia police said. The ordeal began Monday around 10:45 a.m. at the Macy’s on 13th and Market streets. Police said an unidentified man was trying to steal hats from the store …
Nearly 20,000 people have signed a petition condemning next week’s Macy’s Thanksgiving Day Parade as a “non-binary and transgender extravaganza” over the inclusion of two gender non-conforming performers in the lineup. The petition by One Million Moms (OMM) — a conservative advocacy group created by the American Family Association — claims the annual kickoff to the …
Macy’s executives have warned of a spike in customers failing to make credit card payments thanks to unprecedented pressures on household finances. The department store has seen its credit card revenue plunge by 36 percent this year due to the rise in delinquencies. Bosses said they had expected to see a rise in delinquencies post-pandemic …
via WSJ: The sporting-goods chain slashed its profit targets for the year after missing Wall Street forecasts for the second quarter. Sales slowed after a pandemic-fueled surge for outdoor gear, leaving it with excess inventory. Executives said thefts of merchandise were also higher than they expected. Macy’s reported declining sales in the June quarter and …
via naturalnews: Major retailers are sounding alarm bells over the current state of the economy in light of shifting customer demand at their stores as they struggle to find new ways to remain profitable. Big chains like the department store Macy’s and warehouse club Costco report that shoppers are changing their purchases and spending less …