Macy's announced a $44 million loss after 3Q, will delay store openings, order less merchandise and layoff more employees.
Yep, retailers clearly are facing a tough fourth quarter and holiday season (especially high-end names on Madison Avenue), but it seems they don't expect the pain to end anytime soon. Macy's this week said it would be trimming next year's capital expenditures from $1 billion to between $550 million and $600 million, in response to the weak economy. It plans to realize savings by delaying store openings, limiting store remodels, reducing expense budgets and ordering less merchandise. Macy's announced a $44 million loss this week in what is certain to be the first of a string of gruesome third-quarter reports for retailers. Macy's top officials are increasingly concerned they won't see the improvements that they had anticipated as recently as a month ago.
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