>> The bottom continues to drop out from under the nation's biggest department store. 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 sperse sales by investing in e-commerce and mobile shopping that still wasn't enough to make up for the loss of actual 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 expanding the number of planned store closes to nearly 100, 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. Macy's stock tumbling 10% on the news, dragging other department store shares lower as well.