© 2024 KPCW

KPCW
Spencer F. Eccles Broadcast Center
PO Box 1372 | 460 Swede Alley
Park City | UT | 84060
Office: (435) 649-9004 | Studio: (435) 655-8255

Music & Artist Inquiries: music@kpcw.org
News Tips & Press Releases: news@kpcw.org
Volunteer Opportunities
General Inquiries: info@kpcw.org
Listen Like a Local Park City & Heber City Summit & Wasatch counties, Utah
Play Live Radio
Next Up:
0:00
0:00
0:00 0:00
Available On Air Stations

Loehmann's To Liquidate; Macy's Cuts Jobs In Reorganization

Discount retailer Loehmann's, which has been in business for more than 90 years, will begin liquidating its inventory on Thursday.

A bankruptcy court in Manhattan on Wednesday authorized three outside groups to conduct "going out of business" sales for the retailer.

The company blamed its demise on declining economic conditions, intense competition from other off-price and outlet retailers as well as competition online.

Loehmann's has 93 stores in 11 states.

Macy's To Reorganize

Macy's Inc. announced Wednesday that it is cutting 2,500 jobs as part of a reorganization.

Other workers will be reassigned or transferred, and the company plans to add positions to online shopping and warehouses.

The Cincinnati-based retailer also announced it will close five stores. Final clearance sales will begin Monday.

Macy's, which also operates Bloomingdale's stores, said eight new stores will be added. They are currently under construction, or there are plans for them to be built.

In a news release, Macy's said the changes are expected to save the company about $100 million a year.

Other Retail News

-- Barnes & Noble has a new leader. The struggling book seller on Wednesday announced that Michael Huseby, 59, who was in charge of its Nook division, has been promoted to CEO. He takes over immediately for ex-CEO William Lynch, who left the company in July.

-- In a two-paragraph news release, J.C. Penney Co Inc. said it was "pleased" with its holiday sales but didn't elaborate. Analysts translated the short message to mean the retailer's turnaround was stalling. The department store's shares dropped 8 percent Wednesday. Penney shares were the second-most actively traded on Wall Street.

Copyright 2021 NPR. To see more, visit https://www.npr.org.

Doreen McCallister