Big American retailer Macy’s, Inc. recently announced plans to close a fifth of its department stores over the next three years. What’s more, the retail organization will slash another 2,000 corporate jobs. Macy’s also plans to abandon its dual headquarters in Cincinnati but has assured to keep nearly 400 of its namesake locations running. Nonetheless, the closing of the stores is mostly due to the drastic rise in online shopping.
Other department-store chains like JCPenny and Sears have also lost customers in recent times to e-commerce giants Amazon and eBay. Only the smart ones like Walmart survived by… Yahoo! Finance
