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Macy’s is laying off about 3.5% of its workforce, or roughly 2,350 employees, and closing five stores as it continues to shrink its massive retail business for the online shopping era.
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The company is one of the largest American-owned private employers in the United States. The corporation was founded in Minneapolis by businessman George Dayton in 1902, and developed through the years via expansion and acquisitions. Target, the company's first discount store and eventual namesake, was opened in 1962.
Here's what Macy's reported, compared to Wall Street's estimates, according to Bloomberg data: Net sales: $4.85 billion versus $4.81 billion Adjusted EPS: $0.27 versus $0.14
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