• Macy’s To Cut 10,000 Jobs
    33 replies, posted
[quote]Struggling with sagging sales over another crucial holiday shopping season, Macy’s announced on Wednesday that it was eliminating more than 10,000 jobs as part of a continuing plan to cut costs and close 100 stores.[/quote] [url]http://www.nytimes.com/2017/01/04/business/macys-jobs-layoffs.html[/url]
my girlfriend got cut by this :c
At this point I half expect this to be a play to get some tax cuts or something out of Trump to "save" the jobs.
While [quote]Consumers, who endured a long recession, have turned to low-cost chains like T. J. Maxx and shifted their spending away from brick-and-mortar stores for the convenience of online shopping with the retail giant Amazon.[/quote] is true, I don't think [quote]sales at its stores had fallen 2.1 percent in November and December compared with the same period in 2015[/quote] is a completely valid reason or justification to shut down a hundred stores. Beyond the fact that the percentage is so low, if T.J. Maxx is stealing your business, try competing price-wise. I'm not gonna spend $30 on a two-pair of boxers just because they say Tommy Hilfiger. [editline]a[/editline] Though even after they close a hundred stores they still have over 600, so I'm sure that this is less to do with "we're having trouble keeping business" and more to do with "we could be making more."
Have the Macy's higher ups cut their tens of millions of pay and bonuses as a result of the bad sales?
[QUOTE=Orkel;51628571]Have the Macy's higher ups cut their tens of millions of pay and bonuses as a result of the bad sales?[/QUOTE] That's not how it works. First you cut out the filthy cockroaches from leeching your money to keep your multi million dollar round table paycheck.
[QUOTE=RainbowStalin;51628539]At this point I half expect this to be a play to get some tax cuts or something out of Trump to "save" the jobs.[/QUOTE] Doubt it, he was calling them out a while back and posted a jpg of their stock falling as well.
[QUOTE=Orkel;51628571]Have the Macy's higher ups cut their tens of millions of pay and bonuses as a result of the bad sales?[/QUOTE] My dad unironically defends this practice because they've "earned" it. In fact, he said this last night.
I'd like to point out that macy's is [url=http://www.cnbc.com/2017/01/04/here-are-68-of-the-100-stores-that-macys-will-close.html]closing [B]100 stores[/B][/url], it's easy to assume a LOT of the lost jobs are from this fact alone. At 10k total jobs lost, the average comes to [B]100/store[/B]. [url=http://macysinc.com/for-investors/store-information/stores-by-state/default.aspx]Macy's own location/employee reports[/url] show anywhere from 50 in some cases to near 1000 in others, averaging maybe 150 per store, so this could be due to the low selling stores having lower employee counts to combat this fact already, or that there's a surprising number of people who can flow into other stores if there's redundant locations near their own (which often contributes to low sales at a single one)
[QUOTE=Orkel;51628571]Have the Macy's higher ups cut their tens of millions of pay and bonuses as a result of the bad sales?[/QUOTE] They will all keep making the same amount of money until they bleed the company dry. And then they will ask for severance.
[QUOTE=BANNED USER;51628636]My dad unironically defends this practice because they've "earned" it. In fact, he said this last night.[/QUOTE] modesty is no longer a virtue
He thinks that if you're in charge you're entitled to everything you get. In reality the word for this is greed, but he doesn't see it that way.
Im honestly not surprised. I work at a mall and I go other malls regularly. Macy's stores are so big and there's never enough people in them for it to be realistically profitable. No idea what kind of relationship Macy's/JC Penny/Dillard's have with malls they're attached to or if they even pay rent, but I know mall rent is by no means cheap.
I wonder how much of it is due to people taken there as a child growing up to associate it boredom and despair.
[QUOTE=Orkel;51628571]Have the Macy's higher ups cut their tens of millions of pay and bonuses as a result of the bad sales?[/QUOTE] Honestly when people say this it makes me sad because this shit happens all the time, those at the bottom get shafted an the top stay with their big bucks.
[QUOTE=Keychain;51628689]Im honestly not surprised. I work at a mall and I go other malls regularly. Macy's stores are so big and there's never enough people in them for it to be realistically profitable. No idea what kind of relationship Macy's/JC Penny/Dillard's have with malls they're attached to or if they even pay rent, but I know mall rent is by no means cheap.[/QUOTE] If a wonder how they kept this store(the entire building) open for so long. [t]http://ww4.hdnux.com/photos/23/21/03/5050563/7/rawImage.jpg[/t] They finally closed and imploded it a few years back.
[QUOTE=BANNED USER;51628656]He thinks that if you're in charge you're entitled to everything you get. In reality the word for this is greed, but he doesn't see it that way.[/QUOTE] So in other words your dad's a sociopath?
[QUOTE=BANNED USER;51628636]My dad unironically defends this practice because they've "earned" it. In fact, he said this last night.[/QUOTE] Your dad is a dipshit and people like him are whats wrong with corporate America.
[QUOTE=BANNED USER;51628656]He thinks that if you're in charge you're entitled to everything you get. In reality the word for this is greed, but he doesn't see it that way.[/QUOTE] Not many execs will take pay cuts. They manage a business after all. Their job is to make the company profitable. [highlight](User was permabanned for this post ("alt of perma'd user ghost901" - Orkel))[/highlight]
Cutting executive salary wouldn't keep these stores from closing.
I'm worried about two family friends who work there. Haven't spoken to them in a while, but I hope they weren't fucked over by this after some 15+ years of service. Despite this, I can't say I am entirely surprised. I've noticed shopping malls in general around my area have had a huge reduction in shoppers and sales, department stores included.
[QUOTE=OvB;51629027]Cutting executive salary wouldn't keep these stores from closing.[/QUOTE] I mean, technically they could subsidize some of these stores with their money. But it'd be a silly idea. You need demand to create jobs, people didn't want to buy enough from these stores to keep them solvent, poof, they're gone.
[QUOTE=thelurker1234;51629125]I mean, technically they could subsidize some of these stores with their money. But it'd be a silly idea. You need demand to create jobs, people didn't want to buy enough from these stores to keep them solvent, poof, they're gone.[/QUOTE] Businesses don't exist to give people jobs. They exist to give shareholders money. That would be a great way to get fired by your shareholders. If you look at Macy's numbers they've been getting closer and closer to insolvency. Something has to be done. As an establishment that sells products at a store, having stores that don't make money is wearing an anchor in a sinking ship. Either some employees lose their job or they all lose their job when Macy's has to liquidate. [editline]5th January 2017[/editline] It's not some evil corporate plot to keep your executive salary. It's a hard operational decision to keep the brand alive.
[QUOTE=gk99;51628561]While is true, I don't think is a completely valid reason or justification to shut down a hundred stores. Beyond the fact that the percentage is so low, if T.J. Maxx is stealing your business, try competing price-wise. I'm not gonna spend $30 on a two-pair of boxers just because they say Tommy Hilfiger. [editline]a[/editline] Though even after they close a hundred stores they still have over 600, so I'm sure that this is less to do with "we're having trouble keeping business" and more to do with "we could be making more."[/QUOTE] Yeah. People sometimes scoff that I sometimes don't shop at the major clothing stores and make do with some stuff that I can pick-up at Target or other places, but as far as I can tell there is no difference. They work just fine. I still do shopping at Old Navy and very occasionally H&M, but only for things like Oxfords and on-sale jeans. I've picked up jeans, thermals, and other stuff from places like Target and Wal-mart and depending on the item they can look just as good and wear down at the same rate for a lot less. While I'm the kind of person that does a lot of walking and snooping around, I do a majority of purchases online. I recently picked up a few things at Old Navy and now that I know my sizes I'm going to finish most of my shirt shopping online during a sale. I know a lot of friends who do their shopping nearly exclusively online knowing that they can return their clothes. And with Google and reddit, I don't suppose people are as loyal as they were before to shops since they can habitually search for a type of clothing or watch a reddit for clothes sales instead of anything else.
Seems like a bad time to be a brick-and-mortar store. Sears and Kmart are also closing down 150 of their stores. [url=http://www.usatoday.com/story/money/2017/01/05/sears-kmart-stores-closing/96195504/]Article.[/url]
[QUOTE=Snapster;51629373]Seems like a bad time to be a brick-and-mortar store. Sears and Kmart are also closing down 150 of their stores. [url=http://www.usatoday.com/story/money/2017/01/05/sears-kmart-stores-closing/96195504/]Article.[/url][/QUOTE] Online sales are murdering physical storefronts. This trend is going to continue. Especially when Amazon can drop a box off at your place with a drone while you're in your bathrobe.
[QUOTE=OvB;51629154]Businesses don't exist to give people jobs. They exist to give shareholders money. That would be a great way to get fired by your shareholders. If you look at Macy's numbers they've been getting closer and closer to insolvency. Something has to be done. As an establishment that sells products at a store, having stores that don't make money is wearing an anchor in a sinking ship. Either some employees lose their job or they all lose their job when Macy's has to liquidate. [editline]5th January 2017[/editline] It's not some evil corporate plot to keep your executive salary. It's a hard operational decision to keep the brand alive.[/QUOTE] this is very true but it's still relatively "wrong" for the workers to get the shaft, every time.
I get the love for online shopping and the convenience it gives but I could never do clothe shopping online, I need to try something on to see how it looks on me before deciding to buy so I don't get how other people can just buy something before trying it, I imagine returning something you bought online will be more of a hassle than it is in person. But Macy should do something about their prices, I was in one last week and those prices are absurd. Over $30 for a pack of boxer briefs? Jesus christ I can get two packs for the same price at T.J.Maxx.
Oh hey the Macy's in my town is closing because of this. Honestly surprised it didn't happen sooner, their prices are pretty outrageous.
[QUOTE=Orkel;51628571]Have the Macy's higher ups cut their tens of millions of pay and bonuses as a result of the bad sales?[/QUOTE] It's like you don't even understand how american capitalism works [editline]6th January 2017[/editline] [QUOTE=OvB;51629027]Cutting executive salary wouldn't keep these stores from closing.[/QUOTE] It would mitigate the amount of people they have to fire, and Macy's is notoriously top-heavy.
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