Macy's to slash 4,800 jobs and close 40 stores after disappointing holidays

January 7, 2016 2:12 AM

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After a disappointing holiday season, Macy's Inc. said Wednesday that it planned to cut about 4,800 jobs and close 40 stores as part of efforts to slash costs.

The department store chain, which is closely associated with the holiday season, said comparable sales for November and December 2015 dropped 4.7% compared with the previous year.

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