BREAKING NEWS – New York City, New York – Macy’s Inc said it plans to close about 100 stores, or 14 percent of its store base, and would continue to seek partnerships for its flagship locations as it seeks to turn around its business after six quarters of falling sales. Department stores have been struggling with stiff competition from online and off-price retailers, and are under pressure as shoppers are spending more on big-ticket items such as electronics and cars than on clothes. Macy’s Chief Executive Terry Lundgren said their new business plan will include “saving money by not squandering millions of dollars trying to put a smile on the pathetic faces of people that have boring lives, with the traditional idiotic Thanksgiving Day Parade.”
