>> Wall Street throwing shares of department stores further into the bargain bin Thursday as dismal holiday sales for that group dashed any hopes of a turnaround. Shares of Macy tumbling 14% and small rival Kohl's slumping 18%. Both cut their full year outlooks. Macy's announcing late Wednesday that 10,000 jobs are on the chopping block.
Even though the number one US department store has been praised for its efforts to spurs sales by investing in e-commerce and mobile shopping that still wasn't enough to make up for the actual loss of in store traffic during the crucial holiday shopping season. And it expects that trend to get only worse as Amazon.com takes a bigger share of consumer dollars.
The success of discount retailers like TJ Maxx and Marshalls also significantly dimming Macy's future. So Macy's is planning to shut 100 stores with the bulk of that coming early this year. And it's not just store employees losing their jobs. Macy's is slimming down back room operations, as well, hoping that a smaller Macy's will be able to stay alive in a drastically changing retail world.