The new year is only a few weeks old and we are already getting some bad news. One of the most famous retailers in the country and here in New York State is not only laying off a large portion of it's employees, it is also closing as many as five stores.

The news at the end of 2023 was mostly about inflation and high interest rates. Many families are still digging out of the debt that they racked up during the holiday shopping season and the bills are starting to arrive. For some, their income tax refund can't get to them soon enough!

But the financial issues did not end in 2023 for businesses and retailers either. In fact, the lingering affects of people not shopping or shopping online is hitting some harder than others.

Macy's announced that they are laying off over 2,000 employees and closing multiple locations.

Famous New York State Retailer Is Closing Stores reports that:

The job cuts will be 3.5 per cent of Macy's overall workforce, excluding seasonal hires, the outlet further said, citing an internal memo sent to employees on Thursday. The overall plan is to fire 13 per cent of the corporate staff and redirect the money saved to improve shopping experience for customers.

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