Macy's will cut 10,000 jobs after poor holiday sales

Macy’s, the country’s largest department store chain, said sales at its stores had fallen 2.1 percent in November and December compared with the same period in 2015. Terry J. Lundgren, the company’s chairman and chief executive, said in a statement that while the trend was “consistent with the lower end of our guidance, we had anticipated sales would be stronger.”

He attributed the decline to “broader challenges” facing much of the retail industry.

Consumers, who endured a long recession, have turned to low-cost chains like T. J. Maxx and shifted their spending away from brick-and-mortar stores for the convenience of online shopping with the retail giant Amazon.