E-commerce Gains Leave Retail Stores in the Cold

Initial holiday sales figures pointed to a tougher season for retailers with department stores Macy’s, J.C. Penney and Kohl’s reporting declines due to a shift toward online shopping.

Macy’s share price slid 14 percent on Thursday after the company reported comparable sales fell 2.1 percent in November and December compared with the same period last year. The company revised its full-year outlook downward and outlined plans to close 68 stores and undergo a restructuring, laying off 10,100 staff.

 

BRON: Rapaport 8-1-2017