On August 11, Macy's said it would close 100 stores next year and boost its online investments as it tries to become more competitive. This will mean unemployment for 14 per cent of their present staff. In the past year and a half sales have been down as Macy's battled competition on various fronts. People are spending more on home improvements, travel and spas. When they buy clothes they are going to T .J. Maxx or fast fashion chains, such as H & M.
It's probable that years ago, many of Macy's workers thought they had job security as many certainly did in Eaton's and Simpson's in Canada.
Under capitalism, there is no security.
John Ayers.
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