A retailer with 507 locations will now close its anchor store after 45 years with liquidation sales underway, sources report.
Macy’s is permanently closing another of its 507 remaining nationwide department stores, The-Sun reports.
Liquidation sales are underway and will last eight to twelve weeks.
Macy’s has announced the closure of its store at Tallahassee’s Governor’s Square Mall in Florida.
A final date has not yet been shared, although it is expected to close in early spring, as per local station WCTV.
Macy’s is an anchor store of the mall and has been there in one form or another since 1979.
It originally opened as Maas Brothers, converting to Burdine’s in 1991, and then Burdine’s-Macy’s from 2003 to 2005, and has been just Macy’s ever since.
“The decision to close a store is always a difficult one, but Macy’s is grateful to have served our customers and the community,” a spokesperson told WCTV.
A clearance sale is currently underway and is expected to last eight to twelve weeks.
Once the Tallahassee store is gone, the nearest Macy’s in Florida will be over 180 miles away in Ocala.
Approximately 40 store employees have been affected by the closure, reports The-Sun.
Many shoppers in the state capital were disappointed to hear that their local store is closing down.
“Sad to see the decline of a one-time retail leader,” wrote one on X.
“I’ll miss the Tallahassee store!” posted another.
The Tallahassee store is one of five locations affected by the latest round of store closures announced by Macy’s.
A total of five stores are being shuttered as the company transitions to a new CEO, former Macy’s president Tony Spring.
The other four locations to close are in Arlington, Virginia; San Leandro, California; Lihue, Hawaii; and Simi Valley, California.
Macy’s has closed 100 stores since 2020, many of which were located in shopping malls.
Also Read: A Home Improvement Retailer Now Closes All 157 Stores
Other Economy News Today
A massive delivery company now to lay off 12K employees, part of a plan to save $1 billion in costs due to weak demand.
UPS plans to cut roughly 12,000 jobs in 2024 as the delivery giant navigates a soft demand environment, executives said on the company’s Q4 earnings call Tuesday.
The company currently employs about 495,000 people.
The headcount reductions will primarily target management-level employees, of which UPS has 85,000, and contracted positions, CEO Carol Tomé said.
CFO Brian Newman said 75% of the reductions will occur in the first half of the year.
“It’s a change in the way we work,” he said.
“So as volume returns to the system, we don’t expect these jobs to come back. It’s changing the effective way that we operate.”
Delivery demand has plummeted since the heights of the COVID-19 pandemic, and the fourth quarter proved no different for UPS, Supply Chain Dive reports.
The company’s revenue fell 7.8% year over year, while average daily volume in its U.S. segment declined by 7.4%, according to a news release.
It’s a reality that parcel carriers have been adjusting to for several quarters through layoffs and operational adjustments to minimize expenses.
UPS’ current headcount is down by about 45,000 employees from 2021, and rival FedEx has also been cutting jobs.
FedEx’s U.S. headcount declined by about 29,000 in fiscal year 2023, President and CEO Raj Subramaniam said on a June earnings call.
The U.S. small package market isn’t slated to bounce back in 2024 — UPS is expecting it to grow by less than 1% when excluding Amazon’s outsized delivery activity, Tomé said.
For more news and updates like this, opt-in for push notifications.
Also Read: A Massive Clothing Retailer Will Now Lay Off 357 Employees
Market News Published Daily 📰
Don’t forget to opt-in for push notifications so you don’t miss a single article!
Also, thank you to all of our blog sponsors.
This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
Scroll below to view my stock purchases this month!
You can also follow me on X (Twitter), Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.
Frank Nez’s Stock Portfolio
Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?
Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.
11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.
Recommended For You ✨
About The Author
Leave your thoughts below.
For more news and updates like this, opt-in for push notifications.