Macy's announces more store closures, layoffs

Retail giant Macy's has announced that it plans to cut 5,000 jobs and is closing nearly a dozen more stores.

The moves are part of a plan announced last year to close 100 stores.

Altogether Macy's has now revealed 81 of those locations.

Macy's is one of many traditional retail chains struggling for stability amid stiff competition from online retailers.

Macy's will likely start liquidation sales next week.

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