Macy’s announced yesterday that it will be cutting up to 4,800 jobs and closing 40 stores after poor sales during the holiday season. The nation’s largest department store chain blamed unseasonably warm weather that reduced sales of cold-weather items, forcing Macy’s to increase discounts to sell the merchandise, and lower spending by international tourists. AP also said that analysts expect more retailers to reduce their number of stores, after the holidays showed an increase in online spending, but lower traffic in brick-and-mortar stores.
