Macy's, Inc.

Macy's profit falls nearly 13 percent

Macy's profit falls nearly 13 percent

Macy's, the nation's largest department store chain, says its earnings for the quarter that includes the holiday period dropped nearly 13 percent as results were dragged down by store closures and other costs.

The company has faced sluggish sales for the past two years as customers buy more online and less at the malls where Macy's is often an anchor. It has been shuttering stores as it tries to regroup.

Macy's has also been under pressure from shareholders to get more value out of its real estate holdings, valued by activist investor Starboard at nearly $21 billion. The chain has reportedly been in preliminary talks with Hudson's Bay about a takeover or a real estate deal,...

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