Macy's cutting thousands of jobs in restructuring

[gdale6]

http://www.cnbc.com/2016/01/06/macys-cutting-thousands-of-jobs-in-restructuring.html

"Department store Macy's will cut thousands of jobs as part of a restructuring initiative.... Shares fell more than 3 percent in extended trading"

[Saleen099]

http://money.cnn.com/2016/01/06/investing/macys-cuts-3000-jobs-holiday-sales/  

[creditguy]

Closing one in my city but we have 3 others so I'm sure it makes sense to consolidate, Plus they recently opened a massive online order fulfillment facility in my city as well, so it appears Macy's is embracing the new retail reality. Of course thats of little comfort to the ones losing jobs because of closures. I will say though that if they operate their business anywhere near how their credit card is operated, they won't be in business at all much longer.

[Anonymous]

So far it has been said there are 40 store closing confirmed schedule of closing of their stores, 2 in boston so far confirmed, I also believe with everyone having credit card issues and not reporting because of their own internal issues maybe few of the causes. I would surely think about not applying for their store card, for all the headaches not worth it.

The list so far:

• Irvine Spectrum, Irvine, Calif.
• Country Club Plaza, Sacramento
• Westfield Century City, Los Angeles
• Enfield Square main store, Enfield, Conn.
• Enfield Square furniture/home/men's store, Enfield, Conn.
• North DeKalb Mall, Decatur, Ga.
• Kailua, Hawaii
• Palouse Mall, Moscow, Idaho
• Northwoods Mall, Peoria, Ill.
• Cortana Mall, Baton Rouge
• Valley Mall, Hagerstown, Md.
• Berkshire Mall, Lanesborough, Mass.
• Eastfield Mall, Springfield, Mass.
• The Shoppes at Stadium, Columbia, Mo.
• Middlesex Mall, South Plainfield, N.J.
• McKinley Mall main store, Buffalo
• McKinley Mall home store, Buffalo
• Arnot Mall, Horsehead, N.Y.
• Hudson Valley Mall, Kingston, N.Y.
• Eastern Hills Mall, Williamsville, N.Y.
• Cary Towne Center, Cary, N.C.
• Chapel Hill Mall, Akron, Ohio
• Midway Mall, Elyria, Ohio
• Quail Springs Mall, Oklahoma City
• Pony Village Mall, North Bend, Ore.
• Roseburg Valley Mall, Roseburg, Ore.
• Suburban Square, Ardmore, Penn.
• Century III Mall, West Mifflin, Penn.
• Ridgmar Mall, Fort Worth
• Chesapeake Square, Chesapeake, Va.
• Virginia Center Commons, Glen Allen, Va.
• Peninsula Town Center, Hampton, Va.
• Military Circle Mall, Norfolk, Va.
• Regency Square main store, Richmond, Va.
• Regency Square furniture/home/men's store, Richmond, Va.
• Downtown Spokane, Spokane, Wash.

[Anonymous]

I have a toy limit store card (400 CL)

[pipeguy]

Macy's is closing 40 underpreforming stores - that only leaves 1500 Macy's-Bloomingdales stores and of course an online option. I'm not saying Macy's is state of the art as far as a retailer, but I'm not sure closing 40 stores means its time to dump your Macy's credit card. Like most store cards, high APR card, but you knew this going in.... 

[Sharingan]

I wouldn't necessarily use store closures as a reason to not apply for or dump a retailer's credit card. Otherwise, you would need to add Sears, Bestbuy, JCP, and many other popular retailers to your post as well. As for your second point, I would agree that it is problematic and I haven't been thrilled about a mattress purchase (long since paid off) that I made last year on my Macy's AmEx that is still reporting almost the full balance on my reports. It really is quite ridiculous.

[CBetc]

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@pipeguy wrote:

Macy's is closing 40 underpreforming stores - that only leaves 1500 Macy's-Bloomingdales stores and of course an online option. I'm not saying Macy's is state of the art as far as a retailer, but I'm not sure closing 40 stores means its time to dump your Macy's credit card. Like most store cards, high APR card, but you knew this going in.... 

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The discounts and specials received if you spend more than $1K or so a year more than make up the difference, as long as you PIF or don't keep a super long-term balance on it.

I've only left a balance on mine a few times in the last few years, but the 15-20%-off discounts and specials and early access stuff is totally worth it if you shop there a lot.

It's much like (although to a greater extent than) the Target card. APR might be higher, but if you're rarely carrying a balance, the 5% discount is one of the best deals around.

[Anonymous]

This is merely thunder before the true storm arrives, which is our market and economy in general.  Businesses are announcing closings at an alarming rate still, not to mention layoffs at companies that many perceive as financially healthy.

[woodyman100]

I can't speak to the others, but the one at Ridgmar in FtWorth is in an old, crumbling Mall. It's for the best. Brings the brand down when you're in a rundown building