AuctionsJun 26, 2026
‘Hogback’ Diamond Ring Finds a New Home A ring set with “hogback” diamonds, an early stone cut dating to around the 16th century, sold for more than $20,000 at a U.K. auction.
MajorsJan 06, 2017
Macy’s, Sears Announce Store Closures
The challenging retail environment and poor performances during the holiday season continue to affect both retailers.
Macy’s has announced that will be closing 63 stores early this spring, including its store at the CityPlace shopping center in West Palm Springs, Florida, pictured here.
New York--The challenging retail environment continues to take its toll on two major department store chains.
After announcing in August that it would shutter 14 percent of its full-line stores in 2017, Macy’s Inc. has revealed which stores have been, or will, be shut down.
The Cincinnati-based company announced Wednesday the locations of 68 of the stores that will close, three of which have shut down already, with 63 more to follow in early spring and two more in mid-2017.
The full list of store closings and future openings can be found on the Macy’s investor relations site.
As a result of the closing of 63 Macy’s stores early this year, along with the three that closed in 2016, the company said its sales are expected to be negatively impacted by approximately $575 million.
It also estimates that about 3,900 employees will lose their jobs as a result of the closures.
Macy’s struggled during the holiday season, reporting a 2 percent decrease in comparable store sales on an owned-plus-licensed basis for November and December combined, though the retailer did note a strong performance from fine jewelry during the season.
The store closings, along with a restructuring plan and the sale of some of its properties, come in response to the retailer’s lagging sales.
Macy’s said it believes these actions could generate annual expense savings of about $550 million beginning in 2017, allowing it to invest an additional $250 million in growing its digital business, store-related growth strategies and other aspects of its business like its off-price division Backstage, the Bluemercury specialty beauty stores and growth in China.
In fact, the retailer said it plans to open about 50 new Backstage shops inside existing Macy’s stores as well as 50 Bluemercury stores.
Meanwhile, Sears Holdings Corp. also said it would close more stores amid “a challenging retail environment” and increasing losses.
In a press release issued Thursday, the retailer announced the closure of 150 non-profitable stores, 108 Kmart and 42 Sears stores.
That full list of exactly what stores are closing can be found on SearsHoldings.com.
The company also reported challenging fourth quarter sales, with same-store sales at Sears and Kmart for the first two months of the period down between 12 and 13 percent.
In a sign of the times, Sears also is selling its iconic Craftsman line of tools for about $900 million to Stanley Black &
Decker and has entered into a $500 million committed secured loan facility with Seritage.
Editor’s Note: This story was updated on Jan. 6, 2017 to say that the retailer’s actions are meant as a response to slowing sales, rather than losses, which is incorrect as Macy's is still profitable.
Editor’s Note: This story was updated on Jan. 6, 2017 to say that the retailer’s actions are meant as a response to slowing sales, rather than losses, which is incorrect as Macy's is still profitable.
More on Majors
The Latest
CollectionsJun 26, 2026
Strength Is Sharpened Into Beauty in Kris Averi’s ‘Prism Thorn’ RingThe rainbow version of the ring, our Piece of the Week, features angel-cut, octahedral lab-grown sapphires designed to be worn as armor.
TrendsJun 26, 2026
Bernard James Celebrates Knicks’ Win with RingThe Brooklyn-based jeweler created a limited-edition version of its “Aura” eternity band, set with gemstones in the team’s colors.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
SourcingJun 25, 2026
ICA Names Brandee Dallow as CEODallow will lead the International Colored Gemstone Association, effective July 6.
Weekly QuizJun 25, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsJun 25, 2026
Out & About: How Jewelers Mutual, SCAD Are Tackling the Bench Jeweler ShortageSenior Editor Lenore Fedow headed to Savannah to learn more about the 10-year, $10 million partnership between JM and the art school.
CollectionsJun 25, 2026
Mejuri Experiments With SteelIts new capsule jewelry collection features gold-finished stainless steel pieces designed for a maximalist look without a luxury price tag.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
Events & AwardsJun 25, 2026
Watches & Wonders Announces 2027 DatesThe week-long event in Geneva is slated for April 2027.
SourcingJun 25, 2026
Annie Doresca, Mark Smelzer, Sara Yood Join Gem Legacy BoardThe three industry leaders bring financial, communications, and legal expertise to the nonprofit’s board of directors.
ColumnistsJun 24, 2026
The Revenue Hiding Between Your Counter and Your Online CartJewelers are missing out by not offering this one key add-on at the online point of sale, Emmanuel Raheb writes.
CollectionsJun 24, 2026
Greenwich St. Jewelers, Jewel Boxing’s Latest Drop Is On-TrendThe fourth collaborative collection from the retailer and jewelry content creator focuses on gemstone charms and strands of colorful beads.
Events & AwardsJun 24, 2026
AGTA Accepting Entries for Spectrum 2026This year’s AGTA Spectrum & Cutting Edge Awards will feature two new categories.
SourcingJun 24, 2026
Columbia Gem House To Offer Alexandrite Melee OnlineThe collection features traceable alexandrite from Brazil in calibrated sizes that is sorted by grade.
CollectionsJun 23, 2026
Francesca Villa Goes ‘On the Road’The capsule collection looks to vintage trunk pins that echo the spirit of speed, freedom, and the mythology of the American road trip.
SourcingJun 23, 2026
New Paraíba Tourmaline Source Reportedly Discovered in EthiopiaSSEF issued a notice about the potential new source of the sought-after gemstone, citing “credible reports” from trade sources.
MajorsJun 23, 2026
Etsy Says ‘Shop Other Jeffs’ This Prime DayAs Amazon Prime Day kicks off, Etsy is encouraging shoppers to support small businesses.
Events & AwardsJun 23, 2026
AGA Announces 2026 Scholarship WinnerCole Winward is the recipient of 2026 AGA Gemological Scholarship.
EditorsJun 22, 2026
15 Pieces of Jewelry That Brought Us Joy in Vegas Whether they evoked nostalgia, wonder, or laughter, these jewels put a smile on our faces.
Events & AwardsJun 22, 2026
Plans Announced for New Trade Show in BaselScheduled for April 2027, Basilia will be the first watch and jewelry trade show held in Basel since the collapse of Baselworld in 2020.
Events & AwardsJun 22, 2026
Gem Awards Opens 2027 Nomination PeriodSubmissions for the milestone 25th annual Gem Awards will be accepted across three categories from now through July 31.
WatchesJun 22, 2026
Snoopy Inspires New ‘Flying Ace’ Ball WatchThe beloved beagle dons his aviator outfit for the new Engineer Master II Snoopy Flying Ace timepiece.
AuctionsJun 18, 2026
Paraíba Tourmalines Sell for $3.4M at Sotheby'sThe recent high jewelry auction, which also featured the sale of a 10-carat blue diamond, was “a celebration of color.”
CollectionsJun 18, 2026
Michelle Obama Wears Almasika Earrings Symbolizing Feminine PowerShe wore the “Le Cauri Endiamanté” earrings, our Piece of the Week, in the Obamas’ first dual portrait for the Obama Presidential Center.
PodcastsJun 17, 2026
Episode 6: Las Vegas 2026-Trends, Traffic, Broken BathroomsCouture’s Michelle Orman joins Amanda Gizzi and Michelle Graff for this special post-Market Week episode of My Next Question.
GradingJun 17, 2026
SSEF Issues Warning on Refilled EmeraldsThe lab is seeing emeralds with filler added post-testing enter the market, accompanied by reports that indicate little to no treatment.
WatchesJun 17, 2026
Patek Philippe’s ‘Visionary’ Leader Philippe Stern Dies at 88 The third generation of the Stern family to head Patek Philippe, he navigated the “quartz crisis” and preserved the brand’s independence.
