Macy's Inc recently announced its plans of closing 35 to 40 underperforming stores to focus its operation on online shopping. Reuters reports that Macy's plans to close the stores early in 2016. It would also announce on a later date which among the 770 stores it operates will be closed. Macy's operates a total of 885 stores all over the world.
Cisco Systems, Inc. (CSCO), Alibaba Group Holding Ltd (BABA), Macy's Inc. (M) and News Corporation (NWS) will announce the companies' quarterly financial results on Wednesday.
U.S. consumers have not turned out in force for the final shopping days before Christmas, suggesting that traditional retailers will just meet industry sales forecasts in a season marked by deep discounts and growing encroachment from online rivals led by Amazon.com Inc (AMZN.O).
Mall crowds were relatively thin on Black Friday in a sign of what has become the new normal in U.S. holiday shopping: the mad rush is happening the night of Thanksgiving and more consumers are picking up deals online.
Sources said that no settlement talks are currently taking place between department store chains Macy's and J.C. Penney Co. on their dispute over Martha Stewart-branded home goods.
Martha Stewart Living Omnimedia Inc and retailer Macy's Inc on Thursday announced the settlement of a lawsuit it filed against the former over a partnership deal with department store chain J.C. Penney Co Inc in 2011.
Cisco is expected to report higher quarterly profit for its fiscal first quarter of 2014. The report may uncover any evidence of sales pressure from the U.S. federal government shutdown and weakness in China.
New Martha Stewart-JC Penney partnership leaves out former's home goods products due to Macy dispute
JC Penney Co Inc and Martha Stewart Living Omnimedia said that its partnership agreement would be leaving out Martha Stewart-branded cookware, bedding and bath products that had been exclusively designed for Macy's Inc.
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