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☆ Macy's proxy fight is over, but the battle for the department store's future wages on
▼ + stars: | 2024-04-13 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +7 min

Arkhouse then launched its proxy fight and put forward nine nominees to Macy's 15-person board. Turning the tideOther department store chains have faced challenges from activists in recent years, and even when those efforts fall short, the pressure can bring about sweeping changes. That includes Macy's locations with stronger sales as well as its two chains that have outperformed the namesake brand, higher-end department store chain Bloomingdale's and beauty chain Bluemercury. Arkhouse claims Macy's refused to engage with it, and Macy's rebuffed Arkhouse saying it didn't have the financing for the takeover it proposed. Arkhouse, for its part, has said it plans to keep Macy's stores open.

Persons: Bing Guan, Tony Spring, Arkhouse, Neil Saunders, Macy's, Michelle Gass, Levi Strauss, Chip Bergh, Ben Hider, —, GlobalData's Saunders, It'll, Gavriel Kahane, Kahane, it's Organizations: Macy's Inc, National Retail Federation, Bloomberg, Getty, Arkhouse Management, Capital Management, American, Brigade, Levi, Herald, Sears, CNBC, Macy's, Fortress Investment Group, One Investment Management Locations: Herald, New York, Macy's, New York City

☆ Department stores face another squeeze. This time, with store credit card revenue
▼ + stars: | 2024-04-10 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +6 min

For fiscal year 2023, credit card revenue totaled $619 million for Macy's and approximately $475 million for Nordstrom . The three companies do not break out how much of total credit card revenue comes from late fees. All of that adds up to dwindling credit card revenue for retailers, who can now expect to see it shrink even further. Target's credit card revenue fell to $667 million last year, down from $734 million in the prior fiscal year. Gap does not disclose credit card revenue, but its Chief Financial Officer, Katrina O'Connell, said on an earnings call that losses from late fees will be "largely offset in 2024 by other levers within our credit card program."

Persons: Robert Nickelsberg, it'll, Jane Hali, Kohl's, David Silverman, Silverman, —, Michael Fiddelke, Macy's, Adrian Mitchell, It's, Nordstrom, Katrina O'Connell Organizations: Getty Images Department, Consumer Financial, Bureau, Associates, Nordstrom, Fitch, TD Bank, Shoppers, Adobe Analytics, Citi, Sam's Locations: New York City

☆ Macy's hasn't closed 150 stores yet. But Target, Kohl's CEOs already smell opportunity
▼ + stars: | 2024-04-01 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

Those companies already count many of Macy's shoppers as their customers, according to an analysis of credit card data by Earnest Analytics. Macy's closures could put as much as $2 billion of market share up for grabs. The department store's net sales were $23.1 billion in the most recent fiscal year, and it said the 150 stores that it's closing account for less than 10% of sales. About 63% of Macy's stores have a T.J. Maxx or Marshalls within a one-mile radius, according to an analysis by Jefferies. Off-price stores also draw a similar customer, which tends to be more affluent.

Persons: Macy's, Justin Sullivan, Brian Cornell, Tom Kingsbury, Maxx, Jefferies, Ross, Earnest, Penney, Tony Spring, Corey Tarlowe, Cornell, Tarlowe, Cos, Mercedes Organizations: Getty, CNBC, Nordstrom, Earnest Analytics, Target, Abercrombie, Fitch, Home Goods, Jefferies, Toyota, Maxx Locations: San Leandro , California, United States, New York, Burlington, U.S

☆ How a former news producer turned her passion for art into a full-time business painting Louis Vuitton bags and other luxury items
▼ + stars: | 2024-03-30 | by ( Madison Hoff | ) www.businessinsider.com time to read: +9 min

While artists typically use a sketchpad, a canvas, or a digital tablet for their creations, Sobel is mainly painting luxury items like Louis Vuitton bags. Courtesy of Michele SobelWhile she considered painting her "lifelong passion," she had a passion for journalism too. "Michele Sobel Fine Art specializes in hand painting luxury leather goods, and it's kind of a twofold business," Sobel said. I just was kind of doing because I was following my passion, doing something that I love." AdvertisementSobel is now able to focus on her dream of hand painting work and original art.

Persons: Michele Sobel, I've, She's, Sobel, Louis Vuitton, I'm, Michele Sobel Fine, she's, Michael Kors Organizations: Service, Business, BI, Michele Sobel Fine Art Locations: Jersey

☆ Fact check: Trump tells ‘mind-bogglingly nonsensical’ story about the New York Stock Exchange
▼ + stars: | 2024-03-25 | by ( Daniel Dale | ) edition.cnn.com time to read: +7 min

Facts First: The stock exchange on which the Trump Media & Technology Group is being listed, the Nasdaq, is also headquartered in New York. In fact, the Nasdaq and the New York Stock Exchange are located in the same New York City borough of Manhattan. He said: “Like, what?”“I hope somebody advising President Trump informs him that the same investor protection rules that safeguard investors of the New York Stock Exchange also safeguard investors on the Nasdaq Stock Market,” Macey said. Colangelo served as acting associate attorney general in the first months of the Biden administration in early 2021 and then as principal deputy associate attorney general. As acting associate attorney general, he was third in command of the department – never the top official there, as Trump has previously claimed.

Persons: Donald Trump, ”, ” Jonathan Macey, Macey, Trump, ” Macey, Letitia James, Attorney Alvin Bragg, ‘ I’m, Lynn Martin, Stacey Cunningham, Sharon Bowen, Biden, Matthew Colangelo, “, Joe Biden, Bragg, Colangelo, Biden James, Jack Smith, Smith, General Merrick Garland, Garland, – Organizations: Washington CNN, Trump Media & Technology Group, New York Stock Exchange, Trump Media & Technology, Nasdaq, NYSE, “, Yale Law School, New, Manhattan, Attorney, Trump Media, Technology Group, U.S . Securities, Exchange Commission, Biden, Department, Trump, New York, federal Justice Department, DC, Justice Department Locations: New York, York City, Manhattan, York, Macy’s, Fulton County , Georgia, New York , Georgia, Florida, Washington

CNBC embedded with teams from HSI and California Highway Patrol to witness four organized retail crime operations for this investigation. CNBCAt the bottom of organized retail crime rings are boosters — the people who go into stores and take the items. A bin filled with sparkly silver boots that police suspect an alleged San Jose, California, crime ring stole from T.J. Maxx. In a statement, a TJX spokesperson said the company is "thankful" for CHP's efforts and is taking organized retail crime "very seriously." Court records filed in connection with the case provide a rare glimpse into the inner workings of an alleged organized retail crime ring.

Persons: Michelle Mack, Mack, Michelle Mack's, Louis Vuitton, Adam Parks, they've, Parks, HSI, It's, Joaquin, El, Guzman, Scott Robles, Robles, moisturizer, Allegra, Maxx, Gabrielle Fonrouge, Manny Nevarez, TJX, Michael Ball, Diego, Donna Washburn, Washburn, Mack —, we'll, Charlotte, Estee Lauder, masterminding, Rob Bonta, Kenneth Mack, Bonta, Kimora Lee Gooding texted Michelle Mack, Jan, Gooding, Andrew Barclay, Scott, let's, Kenneth Mack texted Michelle Mack, Michelle Mack texted Alina Franco, Sephora, Prada, Ulta's, Dave Kimbell, Kimbell Organizations: Police, CNBC, Patrol, Homeland Security Investigations, Department of Homeland, New, U.S . Custom House, Operation French, Walgreens, New Orleans Public, Federal, Gillette, CHP, TJX Companies, Bay Area, CNBC Police, Flea, Santa, Attorney, Capitol Flea, L'Oreal, Macy's, Body Locations: San Diego, Bonsall , California, California, Washington , Utah , Oregon, Colorado , Arizona , Illinois , Texas, Florida , Pennsylvania, Massachusetts, Ohio, U.S, Baton Rouge , Louisiana, HSI, New Orleans, Orleans, San Jose, Jose , California, Maxx, Bay, Bay Area, San Jose , California, Santa Clara, Washburn, St, Augustine , Florida, Charlotte Tilbury, Prada, LensCrafters

☆ Macy's and Best Buy are banking on small-format stores to lower costs and boost consumer convenience amid an ever-shifting retail landscape
▼ + stars: | 2024-03-04 | by ( John L. Dorman | ) www.businessinsider.com time to read: +2 min

Both announced last week that they would open more small-format locations. In recent years, Macy's opened eight small-format stores called Market by Macy's, the company's foray into off-mall boutique-sized locations, along with a small-format Bloomingdale's concept called Bloomie's. Last October, the company announced it was expanding its small-format stores, aiming to add 30 locations by the end of 2025. Meanwhile, Best Buy is set to overhaul its in-store experience for customers as it also eyes a retail landscape where small-format stores are becoming more prevalent. "Second, we will test our ability to close a large-format store and open a small-format store nearby, thereby maximizing physical store retention through convenience."

Persons: —, Macy's, Tony Spring, Corie Barry Organizations: Service, The Washington, Business, Nordstrom, Target, The New York Times, Macy's

☆ Macy's will close about 150 department stores, but open new locations of better performing chains
▼ + stars: | 2024-02-27 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +1 min

As Macy's chases sales growth, the department store operator said Tuesday that it will close about 150 of its namesake stores and open more shops with better locations or that sell luxury goods. The changes reflect a focus on what's working at Macy's — higher-end department store Bloomingdale's and beauty chain Bluemercury — and what's not — its namesake stores, particularly the ones at struggling malls. In its holiday quarter results posted Tuesday, the retailer said its Macy's department stores performed worse than both Bloomingdale's and Bluemercury. Macy's had already announced in January that it would close five namesake stores and lay off more than 2,300 people. Here's a closer look at Macy's major store announcements, broken down by store brand.

Persons: Macy's, Tony Spring, Spring Organizations: CNBC

☆ Cramer says Macy's turnaround plan could kickstart growth at the department store chain
▼ + stars: | 2024-02-27 | by ( Paulina Likos | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer said Macy's turnaround plan could reinvigorate growth at the historic department store chain. Shares of Macy's rallied 5% on Tuesday after topping earnings estimates for its fourth quarter and full year 2023. The company also announced a multi-pronged strategy that includes prioritizing top-line growth, accelerating its position in the luxury market, and simplifying its operations. Spring called for the closure of up to 150 underperforming Macy's locations while accelerating the growth of Bloomingdale's, its higher-end brand that tends to deliver better same-store sales, and beauty store chain Bluemercury. "Among Macy's Bloomingdale's and Bluemercury … it would make it a more upscale company and people like that," Cramer said.

Persons: CNBC's Jim Cramer, Cramer, Tony Spring, Jeff Gennette, Macy's Organizations: Macy's Locations: Bloomingdale's

☆ Stocks making the biggest moves midday: Norwegian Cruise Line, Unity Software, Viking Therapeutics and more
▼ + stars: | 2024-02-27 | by ( Samantha Subin | ) www.cnbc.com time to read: +5 min

Norwegian Cruise Line — The cruise ship operator soared 18% on strong forward guidance. Unity expects adjusted EBITDA to range between $45 million and $50 million, versus the $113 million expected by analysts polled by FactSet. Viking Therapeutics — The clinical-stage biotech soared more than 90% after fulfilling primary and secondary endpoints in its Phase 2 GLP-1 study. Earnings came in at $1.57 per share, beating expectations of $1.47 per share, according to LSEG, formerly known as Refinitiv. Revenue of $1.92 billion matched analysts' expectations.

Persons: Viking, LSEG, Cava, Wells, Duolingo, CarGurus, — AutoZone, Microstrategy, —, Sarah Min, Michelle Fox, Alex Harring, Jesse Pound, Yun Li Organizations: Cruise, Unity Software, FactSet, Therapeutics, Hess Corporation, Chevron, Exxon Mobil, China's, Offshore Oil Corp, Hess, Bank of America Securities, Seaport Research Partners, CleanSpark Locations: Cava

☆ Macy’s posts another quarter of falling sales as it unveils strategy to get back to growth
▼ + stars: | 2024-02-27 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

Macy's on Tuesday said sales fell nearly 2% in the holiday quarter, as the 166-year-old department store operator unveiled its strategy to get back to growth. Macy's plans to close about 150 unproductive locations and to prioritize investing in about 350 other namesake locations. In the fiscal year that starts in early 2025, Macy's said it expects low-single digit comparable sales growth on an annual basis, including owned, licensed and marketplace sales. The namesake store's comparable sales on an owned-plus-licensed basis dropped by 4.7%, as the women's shoes and cold weather apparel and accessories categories struggled. At Bloomingdale's, comparable sales declined 1.6% on an owned-plus-licensed basis, as the men's and designer handbag businesses came in soft.

Persons: Spring, Tony Spring, Macy's, Arkhouse Organizations: Arkhouse Management, Brigade Capital Management, LSEG, Revenue Locations: New York City, Macy's

☆ Jim Cramer says Wall Street initially got Lowe's quarter and guide wrong. Here's why
▼ + stars: | 2024-02-27 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +2 min

Cramer said Stanley Black & Decker , a holding the CNBC Investing Club portfolio, is a buy off these Lowe's numbers. Macy's : The department store chain reported better than expected quarter but offered conservative guidance that missed forecast. Competitor Applovin is kind of crushing Unity, Cramer said. Workday : The provider of enterprise cloud applications for finance and human resources reported a better-than-expected quarter but its guidance was softer. Cramer said Workday, ServiceNow and Club holding Salesforce are the "three best software-as-a-service companies in the world."

Persons: Jim Cramer's, Marvin Ellison, Jim Cramer, Cramer, Stanley Black, Decker, Jeff Gennette, Tony Spring, There's, Kelly Steckelberg Organizations: CNBC, Club, Costco, Unity Software, Unity

☆ How America’s once great department stores became a dying breed
▼ + stars: | 2024-02-27 | by ( Chris Isidore | ) edition.cnn.com time to read: +12 min

But department stores, focused on America’s middle class, are fading. The victims of shifting consumer tastes were not the department stores that anchored the local mall, it was the small, locally owned stores along downtown shopping districts that were closing their doors. And possibly even more than the big box competitors, department stores have suffered from consumers shifting to buying items online rather than in person. The steady closing of the department stores that once served as “anchors” of malls across suburban America has been another nail in the coffin of many malls, hurting the department stores that remained in hollowed-out malls with a fraction of their earlier traffic. Saunders said one of the primary problem for Macy’s is that its holding company, formerly known as Federated Department Stores, spent much of its resources on buying other department store brands, such May’s Department Stores, and Filene’s, rather than investing in the stores its held.

Persons: New York CNN —, Neil Sauders, ”, JC Penney, It’s, “, Neil Saunders, Shannon Stapleton, Saunders, ” Saunders, Al Bello, Sunny Zheng, Macy’s, Tony Spring, Taylor, Brian Snyder, Eddie Lambert, Michael Brown, Kearney, ” Brown, Mike Segar, Richard W, Sears, Alvah Roebuck, Sears Roebuck, Bettmann, PhotoQuest, Jack Manning, Frank Scherschel, Owen, Lucille Jagusch, Arlene Hardt, Martin Luther King Jr, Michael Ochs, Ron Frehm, Ralf, Finn Hestoft, Mark Peterson, Seth Meyers, Hugh Jackman, NBCUniversal, Kaylin Wilson, Jim Cole, Rene Johnston, Maria Alejandra Cardona, Scott Olson, Cesar Villasenor, Mel Melcon, Sarah Blesener, Paul Hennessy, Patti Naleck, Naleck, Stacey Wescott, Brown Organizations: New, New York CNN, American, Walmart, Company, Department, Sears, Target, GlobalData, JCPenney, Research, RadioShack, Reuters Sears, Federated Department Stores, May’s, Reuters, Chicago History, Sears Roebuck, Roebuck, Hulton, AP, AP Soldiers, Michael Ochs Archives, Getty, Bettmann, Kmart, Bloomberg, Toronto Star, Reuters Residents, Los Angeles Times, New York Times, Chicago Tribune, Tribune, Service Locations: New York, GlobalData, America, Nanuet , New York, North Redwood , Minnesota, Chicago, El Paso , Texas, Jackson , Mississippi, Tucson , Arizona, Caracas, Venezuela, Niles , Illinois, Morton Grove , Illinois, Baltimore, White Plains , New York, Woodfield , Illinois, Hicksville , New York, Nashua , New Hampshire, Mentor , Ohio, Mississauga , Ontario, Hialeah , Florida, Janesville , Wisconsin, Santa Monica , California, Rockaway , New Jersey, Leesburg , Florida, Schaumburg , Illinois

☆ Macy’s Will Close 150 Stores but Expand Bloomingdale’s and Bluemercury
▼ + stars: | 2024-02-27 | by ( Jordyn Holman | ) www.nytimes.com time to read: 1 min

Macy’s said on Tuesday that it would vastly reshape its strategy and retail footprint, closing about 150 Macy’s stores over the next three years while expanding its upscale Bloomingdale’s and Bluemercury chains. The moves put the stamp of the company’s new chief executive, Tony Spring, on an effort to keep the largest department store operator in the United States profitable and stave off a pending takeover bid. It is the second major downsizing of the Macy’s chain since 2020 and will leave the company with 350 stores, slightly more than half the number it had before the pandemic. The overhaul is intended to “accelerate our path to market share gains, sustainable, profitable growth and value creation for our shareholders,” Mr. Spring, who took over this month, said in a statement.

Persons: Macy’s, Tony Spring, ” Mr Locations: United States

☆ New Macy's CEO Tony Spring looks to revive a 166-year-old retailer fighting for relevance
▼ + stars: | 2024-02-04 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +9 min

Spring is former CEO of Bloomingdale's and begins as Macy's CEO in February 2024, succeeding longtime Macy's CEO Jeff Gennette, right. Spring will step onto a bigger stage and inherit the iconic department store's issues when he takes over the role of Macy's CEO on Sunday. He said after leading "the better-run part of the business" in Bloomingdale's, Spring needs to bring those "softer skills" to Macy's. Wooing investors and brandsIn his new role, Spring will have to charm investors, shoppers and hot brands. Macy's struggles have turned the retailer into a target for the activist investors Spring will face down as he becomes CEO.

Persons: Spring, Jeff Gennette, Melissa Repko, Macy's, Tony Spring, Bloomingdale's, Neil Saunders, Gennette, Tony, I'm, Sandro, Alice, Olivia, GlobalData's Saunders, Saunders, Jan, Arkhouse, Gavriel Kahane Organizations: CNBC, Herald, Investors, Maxx, Walmart, Cornell University, Arkhouse Management, Brigade Capital Management Locations: New York, Macy's, White Plains , New York, Bloomingdale's

☆ Dual Mission for Macy’s New Chief: Revive Stores and Fend Off Takeover
▼ + stars: | 2024-02-02 | by ( Jordyn Holman | Lauren Hirsch | ) www.nytimes.com time to read: +1 min

As he prepares to take the reins as Macy’s chief executive on Sunday, Tony Spring has a tall order: He must contend with the existential crisis that mall-based department stores are facing to try to stay relevant in an increasingly e-commerce world. In December, an investor group submitted a bid that would take Macy’s private at a value of $5.8 billion. Mr. Spring, 58, has spent his career at Macy’s high-end store group, Bloomingdale’s. He started as an executive trainee in 1987 and rose through the ranks to become chief executive in 2014. He turned the chain into a “scrappy incubator” for ideas that were eventually brought over to Macy’s stores.

Persons: Tony Spring Organizations: Arkhouse Management, Brigade Capital Management

☆ TikTok’s ‘Mob wives’ aesthetic is fueling a resurgence of fur
▼ + stars: | 2024-02-01 | by ( Yola Mzizi | ) edition.cnn.com time to read: +7 min

This year may bring even more demand due to the explosion of the “mob wives” aesthetic on TikTok. In 2021, Israel became the first country in the world to enact a ban on new fur sales, while Italy and Norway announced they would stop fur farming. ‘Mob wives’ influenceOn TikTok, trends can rise and fall within a matter of weeks, if not days, and “mob wife” is no exception. In the coming months, Spiber said they will partner with a number of brands to develop custom fur products. Leopard print is another key tenet of the 'mob wife' style.

Persons: CNN — Edwards, Edwards, Lowell Furs ’, —, Paul Matsumoto, Natalie Bloomingdale, Raymond Hall, ”, Matsumoto, it’s, Porter, Versace, Prada, Neiman Marcus, Michael Kors, Israel, François, Henri Pinault, Angela Raiola, Drea de Matteo, Adriana La Cerva, Victoria Gotti, John " Junior, Gotti, Ray Tamarra, Mary Altaffer, Mandy Lee, Lee, Emmanuel Dunand, Kayla Marci, “ We’ve, Spiber, Victor Virgile, Callie Clayton, PJ Smith, Smith Organizations: The, Fashion, CNN, Lowell, HBO’s, Everett, Dolce, Gabbana's, Humane Society of, Business Locations: California, Beverly Hills, Edwards, Dua Lipa, New York, Bloomingdale, Canada, Italy, Norway, Paris, AFP, Zara, Milan, Spiber, United States

☆ Macy’s rejects a $5.8 billion unsolicited takeover offer
▼ + stars: | 2024-01-22 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Macy’s has rejected a $5.8 billion offer to take the 165-year-old retailer private, announcing late Sunday that the “unsolicited proposal lacks compelling value.”Last month, Arkhouse Management, a real estate-focused investing firm, and Brigade Capital Management, a global asset manager, offered to buy the remaining Macy’s shares it doesn’t own at a 32% premium. The company first opened in 1858 and now operates about 500 Macy’s branded stores, as well as 55 of the more upscale Bloomingdale’s chain. Macy’s has attempted numerous strategies in recent years to revitalize its business, such as new brands and smaller stores, but the moves have not altered its long-term trajectory. Its stock price has dropped 75% from a peak of $73 a share in 2015. Since then, it has closed nearly 300 stores — almost one-third — leaving about 700 across its brands.

Persons: New York CNN — Macy’s, “, ”, Jeff Gennette, ” Arkhouse, Arkhouse, ” Macy’s, Macy’s, CNN’s Nathaniel Meyersohn Organizations: New, New York CNN, Arkhouse Management, Brigade Capital Management, Brigade Locations: New York

☆ Macy’s is laying off workers and closing five stores
▼ + stars: | 2024-01-18 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +5 min

David McLane/NY Daily News Archive/Getty Images The first Macy's store, on New York's Sixth Avenue, is seen circa 1880. New York Times Co./Hulton Archive/Getty Images Workers sort parcels at a Macy's store circa 1942. Fritz Goro/The LIFE Picture Collection/Shutterstock Women show dolls to children at a Macy's store around Christmas in 1942. Fred Morgan/NY Daily News Archive/Getty Images The Radio City Rockettes march in the Macy's Thanksgiving Day Parade in 1966. Amy Sussman/AP Images for Macy's This Macy's store in West Palm Beach, Florida, was one of dozens of stores that the company announced it would be closing in 2017.

Persons: David McLane, Santa Claus, Fritz Goro, Bernard Hoffman, Rita Hayworth's, Nina Leen, Fred Morgan, Paul DeMaria, Jean, Erick Pasquier, Monica Almeida, Chris Hondros, Timothy Fadek, Andrew Craft, Eric Thayer, Eduardo Munoz, Andrew Kelly, Amy Sussman, Joe Raedle, Charles Krupa, Gary Hershorn, Macy’s Organizations: New, New York CNN — Veteran, CNN, Street Journal, Commerce Department, NY, The New, Historical Society, of Congress, Santa, Bettmann, . New York Times Co, Hulton, Getty, Keystone, Herald, Macy, City, Workers, Fayetteville Observer, USA, Reuters Shoppers, Reuters, Saxon Middle School Choir, Downtown Burlington High School, Corbis Locations: New York, ., France, Fayetteville , North Carolina, Bay Shore , New York, West Palm Beach , Florida, Burlington , Vermont, New York City, Santa Claus

☆ Macy’s Plans to Cut 2,350 Jobs and Close 5 Stores
▼ + stars: | 2024-01-18 | by ( Jordyn Holman | More About Jordyn Holman | ) www.nytimes.com time to read: +1 min

Macy’s, the country’s largest department store operator, told employees Thursday that it was laying off 13 percent of its corporate work force. The move comes as the company prepares to unveil a new strategy that its incoming chief executive will oversee. The cuts amount to roughly 2,350 jobs, or about 3.5 percent of the company’s overall work force, which includes employees at the subsidiaries Bloomingdale’s and Bluemercury. The company also said it would close five of its more than 560 Macy’s stores. Tony Spring will take over as Macy’s chief executive next month from Jeff Gennette, a company veteran who is retiring after holding the post since 2017.

Persons: Tony Spring, Jeff Gennette, Adrian Mitchell Organizations: The New York Times, Wall Street, Mr

☆ Macy's to cut more than 2,300 jobs, about 3.5% of its workforce, and close five stores
▼ + stars: | 2024-01-18 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

Macy's on Thursday said it will cut about 3.5% of its workforce and close five of its namesake mall locations as the legacy department store moves to trim costs and turn around slowing sales. The move will affect approximately 2,350 positions across its corporate office and stores, company spokesman Chris Grams said. The majority of those — roughly 500 —are its namesake stores, followed by 158 Bluemercury stores and 56 Bloomingdale's stores. The department store chain's footprint has gotten smaller in recent years, however. He said since that 2020 announcement, Macy's had closed about 80 namesake locations and had plans to soon close another five.

Persons: Chris Grams, Grams, Macy's, Tony Spring, Jeff Gennette, Adrian Mitchell, Mitchell, It's, Gennette Organizations: Wall Street Locations: Arlington , Va, Leandro, Calif, Lihue, Hawaii, Simi Valley, Tallahassee, Fla, Cincinnati, San Francisco

☆ A woman bought a vintage dress at an antique store. It had a secret pocket with a mysterious note
▼ + stars: | 2024-01-15 | by ( Faith Karimi | ) edition.cnn.com time to read: +8 min

CNN —The Victorian dress in the Maine antique mall was unlike anything Sara Rivers Cofield had seen before. Rivers Cofield had no idea that the dress she bought in December 2013 would unravel a mystery a decade later. Rivers Cofield was baffled, she told CNN. He also emailed Rivers Cofield, who did not know that online sleuths were still working to decipher the codes. But for now, Chan and Rivers Cofield are just glad they’ve unraveled the biggest piece of the dress’s mystery.

Persons: Sara Rivers Cofield, Rivers, Rivers Cofield, Fagan, Bennett, Shakespeare’s, ”, she’d, “, sleuths, Cofield, ” Rivers Cofield, I’m, Wayne Chan, didn’t, ” Chan, Chan, Sara Rivers, “ Bismark, “ Buck ”, he’s, “ I’m, It’s, they’ve Organizations: CNN, University of Manitoba, Army Corps, National Oceanic, Atmospheric Administration Locations: Maine, Calgary, Cuba, Bennett, Rivers, Chesapeake Beach , Maryland, Searsport , Maine, United States, ”, Canadian, Canada, North America, Bismarck, North Dakota, Washington ,, Chan

☆ The designer of the ‘Bushwick Birkin’ is rewriting the rules of fashion
▼ + stars: | 2023-12-04 | by ( Ramishah Maruf | Clare Duffy | ) edition.cnn.com time to read: +13 min

By contrast, even the most expensive Shopping Bags often cost less than $300. Telfar Clemens at the CFDA x Vogue Fashion Fund 'Americans in Paris' event, Paris Fashion Week, France in March 2018. Maker of the ‘Bushwick Birkin’“This Telfar bag imported. The Covid-19 pandemic sent the popularity of the Shopping Bag to new heights — new bag releases announced online sold out in minutes. ‘For everyone’In 2015, Telfar had an unusual partner at New York Fashion Week: fast-food chain White Castle.

Persons: Bella Hadid, Alexandria Ocasio, “ Abbott, they’re, Birkin, ”, Telfar Clemens —, ” Clemens, Clemens, He’s, Telfar, Telfar Clemens, Hagop Kalaidjian, Clemens “, Lois Sakany, Beyoncé, Gonzalo Marroquin, Patrick McMullan, Solange Knowles, David X Prutting, Bushwick Birkin, —, Adrienne Jones, Samia Laaboudi, Edward Berthelot, Chanel, Laticha Brown, ’, Robert F, Kennedy, Babak Radboy, “, It’s, Elliott Jerome Brown Jr, ” Sakany, Sakany, Pratt’s Jones, Radboy, ” Telfar, DiCianno, Jones, ” Jones, it’s Organizations: New, New York CNN, Rep, ABC, Brooklyn, tote, Gay Times, Fund, Paris, CNN, Liberian, New York’s Pace University, Breakfast Club, of Fashion Designers of America, Vogue, Guggenheim Museum, ” Pratt Institute, Security, New York, Reuters, Analysts, Bag Security, Fashion Institute of Technology, White, Kennedy Human Rights Liberty, Justice Fund, Old, Fast Locations: New York, Alexandria, Cortez, Bushwick, Brooklyn, Paris, France, New York City, Liberian, Queens, Liberia, United States, USA, . Clemens

☆ 61 Best Cyber Week Deals Still Going On
▼ + stars: | 2023-11-28 | by ( Bellamy Richardson | ) www.wsj.com time to read: +2 min

By Bellamy RichardsonBlack Friday has come and gone, but Cyber Week is still happening. Plus, take up to 60% off at Zappos’ Cyber Week sale, which includes brands such as Columbia, Steve Madden, New Balance and more. Tech dealsWhether you’re looking to upgrade your TV or try out a smartwatch, these tech deals are worth checking out. Beauty dealsSave on all your favorite beauty products during Ulta’s Happy Haul-idays Sale with different offers each week through Dec. 23. This week, take 40% off It Cosmetics products, 25% off select Tarte products and 40% off select Revlon hair tools.

Persons: Bellamy Richardson, Kitchen, Steve Madden Organizations: Solo, Cozy Earth, Smart, Tech, Revlon Locations: Madewell, Columbia, Brooklinen

☆ TJ Maxx and other discount retailers could be the big winners in an otherwise bleak holiday shopping season
▼ + stars: | 2023-11-26 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +3 min

Many retailers are bracing for a bleak holiday shopping season. AdvertisementShoppers are finally feeling the weight of inflation and many retailers are bracing for a bleak holiday season . The trade association said this year's outlook has returned to pre-pandemic levels, with an average annual holiday increase of 3.6% from 2010 to 2019. AdvertisementAnalysts say the positive same-store sales from quarter to quarter suggest that the off-price retailers are gaining market share. TJX stores, which include TJ Maxx and Marshalls, have become increasingly valuable for brands to supply to.

Persons: —, Rebecca Duval, Nordstrom, Ross, Bernstein, Aneesha Sherman, TJ, Simeon Siegel Organizations: Service, National Retail Federation, Fashion, Department, Nordstrom, TJX Companies, Burlington, Analysts, Yahoo Finance, TJ Maxx, Marshalls, BMO Capital Markets Locations: Ross, Burlington

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