Daily Data Dive

PYMNTS Daily Data Dive: Macy’s Cuts

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Macy’s announced that it will close down another 68 stores and cut an additional 6,200 jobs following disappointing holiday sales.

Some of those closings — nine, to be exact — had already been announced, and three have actually already been shut down. The remaining 59 stores, however, will be closed down by the middle of 2017. Some of the shutdowns include historic spots for Macy’s — downtown Minneapolis’ store opened in 1902, and 280 employees will be let go when the location shutters.

Investors were, unsurprisingly, less than soothed by Macy’s shrinking footprint — shares fell 8.7 percent to $32.70 in pre-market trading on January 5.

Here are the numbers:

68 | Number of stores Macy’s plans to close down

6,200 | Number of jobs Macy’s locations will be cut

9, 3, 59 | Nine locations have already been announced; three have shut down. The remaining will close by mid-2017.

1902 | Year Minneapolis’ Macy’s opened

280 | Number of Minneapolis jobs cut by store closure

-8.7 percent, $32.70 | Shares fell to $32.70 in pre-market trading on Jan. 5.

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