Policies & IssuesNov 14, 2025
U.S., Switzerland Reach Deal That Drops Tariff to 15%The Swiss government announced the deal, which cuts the tax on Swiss imports by more than half, on social media Friday morning.
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
AuctionsNov 14, 2025
Napoleon’s Diamond Brooch Blows Away Auction Estimates A buyer paid $4.4 million for the piece, which Napoleon wore on his hat for special occasions and left behind when he fled Waterloo.
FinancialsNov 14, 2025
Richemont’s Q2 Jewelry Sales Up 12%Plus, how tariffs and the rising price of gold are affecting its watch and jewelry brands.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
CollectionsNov 14, 2025
Piece of the Week: Silvia Furmanovich’s ‘Butterflies in Flight’ Jewelry BoxFurmanovich designed the box to hold Mellerio’s “Color Queen,” a high jewelry collection consisting of 10 rings.
Weekly QuizNov 13, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsNov 14, 2025
JCK Names New Event DirectorJennifer Hopf, who has been with JCK since 2022, will lead the execution of the long-running jewelry trade show.
IndependentsNov 13, 2025
127-Year-Old New Orleans Jeweler to CloseAdler’s Jewelry is set to close its two stores as 82-year-old owner Coleman E. Adler II retires.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
IndependentsNov 13, 2025
Green Lake Jewelry Works to Move to New Seattle StudioFounder Jim Tuttle shared how a dedication to craftsmanship and meaningful custom jewelry fueled the retailer’s double-digit growth.
CrimeNov 12, 2025
Father, Son Jewelers in Chicago Victims in Double Homicide JSA and Cook County Crime Stoppers are both offering rewards for information leading to the arrest of the suspect or suspects involved.
AuctionsNov 12, 2025
‘Mellon Blue’ Diamond Sells for $7M Less Than It Did a Decade AgoA buyer paid $25.6 million for the diamond at Christie’s on Tuesday. In 2014, Sotheby’s sold the same stone for $32.6 million.
AuctionsNov 12, 2025
Historic Rolex Oyster Fetches $1.7M at Sotheby’sMercedes Gleitze famously wore the watch in her 1927 swim across the English Channel, a pivotal credibility moment for the watchmaker.
GradingNov 12, 2025
It’s Time: GIA’s Express Holiday Service Is Back GIA is offering next-day services for natural, colorless diamonds submitted to its labs in New York and Carlsbad.
SurveysNov 10, 2025
5 Things Retailers Should Know About Holiday Shoppers This YearThe National Retail Federation is bullish on the holidays, forecasting retail sales to exceed $1 trillion this year.
AuctionsNov 10, 2025
300+ Colored Diamonds Up for Auction at Christie’sLate collector Eddy Elzas assembled “The Rainbow Collection,” which is offered as a single lot and estimated to fetch up to $3 million.
EditorsNov 07, 2025
Piece of the Week: An MVP’s Sapphire Tennis Necklace At the 2025 World Series, the Los Angeles Dodgers’ Yoshinobu Yamamoto sported a custom necklace made by California retailer Happy Jewelers.
IndependentsNov 07, 2025
Foundrae’s New Palm Beach Location Is a ‘Golden Solarium’The brand’s seventh location combines Foundrae’s symbolic vocabulary with motifs from Florida’s natural surroundings.
FinancialsNov 07, 2025
Watches of Switzerland’s H1 Sales Up 8%The retailer also shared an update on the impact of tariffs on watch customers.
SourcingNov 06, 2025
Pink Tourmaline Bracelet, Emerald Suite Take Top Spectrum Honors Pink and purple stones were popular in the AGTA’s design competition this year, as were cameos and ocean themes.
IndependentsNov 06, 2025
Greenwich St. Jewelers Hosts Raffle Supporting Food RescueAll proceeds from the G. St x Jewel Boxing raffle will go to City Harvest, which works to end hunger in New York City.
IndependentsNov 06, 2025
Cornell’s Jewelers Names New PresidentCourtney Cornell is part of the third generation to lead the Rochester, New York-based jeweler.
SourcingNov 06, 2025
De Beers’ Production, Sales Increase in Q3 De Beers also announced more changes in its upper ranks ahead of parent company Anglo American’s pending sale of the company.
WatchesNov 05, 2025
Shinola President Steps Down Just as He Starts Former Signet CEO Mark Light will remain president of Shinola until a replacement for Ulrich Wohn is found.
AuctionsNov 05, 2025
Taylor Swift’s Engagement Ring Designer Makes Her Auction DebutKindred Lubeck of Artifex has three rings she designed with Anup Jogani in Sotheby’s upcoming Gem Drop sale.
FinancialsNov 05, 2025
Pandora Posts Modest Q3 Sales Growth Amid ‘Weak’ Consumer Sentiment The company focused on marketing in the third quarter and introduced two new charm collections, “Pandora Talisman” and “Pandora Minis.”
FinancialsNov 05, 2025
Brilliant Earth’s Q3 Sales Climb 10%The jewelry retailer raised its full-year guidance, with CFO Jeff Kuo describing the company as “very well positioned” for the holidays.
Policies & IssuesNov 04, 2025
Supreme Court to Hear Tariffs Case WednesdayAhead of the hearing, two industry organizations co-signed an amicus brief urging the court to declare Trump’s tariffs unlawful.
