The company is planning a huge makeover.
The results were in the department store’s sales and profit results.
Around 6,200 positions are in management, while 3,900 retail associates are expected to be displaced.
The new partnership will give Brookfield an exclusive right for up to two years to create a “pre-development plan” for 50 Macy’s real estate assets.
Thursday morning the company announced Lundgren would step aside, allowing current president Jeff Gennette to take over in 2017.
The company said Lundgren would transition to executive chairman in 2017, while Macy’s Inc. president Jeff Gennette would become CEO.
Macy’s will reorganize its business after reporting disappointing holiday sales and poor comparable-store sales.
Macy’s CEO Terry Lundgren said tepid spending by domestic shoppers & slowing tourism are to blame for declines in revenues, profit & comps in Q3.
The queen of Latin pop music can add a new job title to her list: fashion designer.
This week’s print cover story pays tribute to Camuto’s bold vision and unwavering passion.