Macy’s, Inc. announced Thursday they suffered another drop in sales and will be closing stores at two more Southern California locations in 2018.
Revenue in the third quarter for the retail giant dropped 6.1 percent, the 11th straight quarterly decline, CNN reported.
CEO Jeff Gennette struck a hopeful tone in pointing out a double-digit jump in online sales, however, Macy’s still expects full-year sales at stores it owns to drop 2.2 percent to 3.3 percent.
Three more stores were placed on the chopping block for early 2018, including two in Southern California, according to a news release.
The company announced that it will close stores in the Laguna Hills Mall in Laguna Hills and at the Westside Pavilion in the Rancho Park neighborhood of Los Angeles.
A third store, located at Stonestown Galleria in San Francisco, will also close, according to the news release.
Kohl’s, another traditional retailer, is also in trouble, CNN reported. The chain said on Thursday that profit plunged 20 percent last quarter. Sales grew unexpectedly, but Kohl’s stock still got punished, dropping 9 percent in premarket trading.
Traditional stores have also cut back on pre-holiday hiring. Retail employment rose by 136,700 in October, the lowest for the month since 2011, according to the job-placement firm Challenger, Gray & Christmas.