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Macy’s said last week that it would eliminate about 4,500 jobs, or about 3 percent of its work force, in a major restructuring drive. It said slumping holiday season sales had hurt its bottom line.
The department store chain’s holiday woes were a harbinger of what could be a difficult winter for retailing. The consumer electronics and home furnishings merchant Hhgregg reported an 11 percent plunge in sales in the fourth quarter at stores open for at least a year.
Macy’s said sales at its Macy’s and Bloomingdale’s stores fell 4.7 percent in November and December, partly because unseasonably warm weather across much of the country discouraged shoppers from buying coats and other outerwear.
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