Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
Macy’s Cutting Jobs After ‘Disappointing’ 2015
Macy’s Inc. is laying off thousands of employees following a “disappointing” year that ended with a 5 percent slide in same-store holiday sales.
New York--Macy’s Inc. is laying off thousands of employees following a “disappointing” 2015 that ended with a 5 percent slide in same-store holiday sales, while competitor J.C. Penney saw comps rise.
The retailer said late Wednesday that it is cutting about 3,000 associates at Macy’s and Bloomingdale’s stores nationwide (with about half of those expected to be placed in other positions), offering a “voluntary separation opportunity” for 165 senior executives, cutting 600 jobs in its back office, and closing its call center in St. Louis, affecting about 750 employees.
Also on Wednesday, Macy’s released the full list of the 40 stores it announced it was closing back in September.
Four of the 40 closings took place in the final three quarters of 2015. They were at the Owings Mills Mall in Owings, Md., Bedford, N.H., the Essex Green Shopping Center in West Orange, N.J. and in downtown Pittsburgh.
Going-out-of-business sales already have started, or will start by Monday, at the remaining 36 stores; a complete list of the stores Macy’s is shuttering is available on the investor section of the company’s website.
Macy’s saw same-store sales decrease 5 percent year-over-year in November and December, due in part to the unusually warm weather in the Northeast impacting outerwear sales. Chairman and CEO Terry Lundgren said that the company also was impacted by the strong U.S. dollar, which translates to lower spending by foreign tourists.
He called the holiday selling season “challenging.”
Where Macy’s and Bloomingdale’s did do well--and where the retailer is directing its resources going forward--is online. Lundgren said the number of online orders filled at Macys.com and Bloomingdales.com reached a record 17 million and was up 25 percent year-over-year.
J.C. Penney, meanwhile, reported a 4 percent increase in same-store sales over the same period last year.
CEO Marvin Ellison, who succeeded longtime CEO Myron Ullman III in August, said the focus on private brands and omnichannel execution helped boost holiday sales.
The retailer’s online sales reached record levels in November and December. The company filled online orders using in-store inventory from a total of 250 stores, and offered an in-store pickup option at more than 1,000 locations.
“We look forward to capitalizing on this digital progress through 2016,” Ellison said.
J.C. Penney is scheduled to release its full fourth quarter and fiscal year results Feb. 26.
The Latest
As a token of womanhood, this necklace depicts when Venus was born from the sea.
The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
Sponsored by the Las Vegas Antique Jewelry and Watch Show
Tobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
Stars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
The branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
The six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
The highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
The “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
The Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
The Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
The Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.
It will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
Wheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
PGI partnered with four new and seven returning designers for its annual platinum capsule collection.
Nicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
Karina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.