Macy's will cut more than 10,000 jobs and close nearly 70 stores after a lackluster holiday shopping season, while Kohl's warned of lower profit targets. WSJ's Suzanne Kapner discusses how department stores continue to lose ground to online shopping. Photo: AP 
 
 Macy’s Inc. said it will slash more than 10,000 jobs and detailed plans to close dozens of stores after another holiday season of weak sales, providing more evidence that department stores have lost their once-central place in American retailing. 
 
 Like its rival, Kohl’s Corp., which also warned Wednesday of lackluster holiday results, Macy’s hasn’t been able to solve consumers’ shift to online shopping. Macy’s will close stores from San Diego to Bangor, Maine, and use the savings to boost its efforts to capture more e-commerce... 

 A sign marks the Macy's store in downtown Boston, Massachusetts, U.S., May 10, 2016. REUTERS/Brian Snyder 
 
 U.S. department store operators Macy's Inc (M.N) and Kohl's Corp (KSS.N) both cut their profit forecasts for 2016 on Wednesday, pointing to weak sales in the last months of the year and bringing shares in the entire retail sector down after hours. 
 
 Shares of Macy's fell 9 percent to $32.63 in extended trading. Kohl's Corp (KSS.N) shares fell 14.8 percent to $44.22. Other retailers were also down sharply in after-hours trading, with J.C. Penney Co Inc (JCP.N) off 4.4 percent and Nordstrom Inc (JWN.N) tumbling 6 percent. 
 
 Kohl's cut its adjusted profit forecast for the fiscal year ending Jan. 30 to $3.60-$3.65 per share from its previous forecast of $3.80-$4.00 per share. 
 
 "Sales were volatile throughout the holiday season. Strong sales on Black Friday and during the week before Christmas were offset by softness in early November and December," Kohl's Chief Executive Kevin Mansell said in a statement. 
 
 Department stores have been struggling in the face of competition from online and discount rivals. The months of November and December traditionally have stronger sales because of holiday shopping around Thanksgiving and Christmas. 
 
 Macy's cut its adjusted profit forecast for the year ending Jan. 30 to $2.95-$3.10 per share from $3.15-$3.40 per share that it previously expected. 
 
 Macy's said comparable sales on an owned plus licensed basis fell 2.1 percent in November and December. On an owned basis, comparable sales fell 2.7 percent during the period. 
 
 Kohl's also reflected weak holiday performance as its comparable sales fell 2.1 percent during the November-December period, while its total sales slid 2.7 percent. 
 
 Macy's said the shutdown of 68 stores, a part of the 100-store closures the company had announced in August last year, may result in the layoff of about 3,900 associates. 
 
 (Reporting by Gayathree Ganesan in Bengaluru; Editing by Jo Winterbottom and Matthew Lewis) 

 Macy's said Wednesday it's shutting down 68 stores and cutting more than 10,000 jobs. 
 
 The announcement was issued alongside an unfavorable earnings report, showing comparable store sales dipped 2.1% last quarter. The news caused its stock to plunge nearly 10% during after-hours trading Wednesday. 
 
 Macy's (M) said it expects to layoff about 3,900 workers as a result of the upcoming store closures, and another 6,200 jobs will be cut as the company works to streamline its management team, according to a press release. 
 
 A few stores have already been shuttered, but 63 will close down between now and mid-2017, leaving about 660 U.S. stores left open. The closings are among the 100 stores Macy's said last August that it intends to shutter. 
 
 The expected savings from these cuts will be invested in the company's digital business as well as marketing efforts including Bluemercury, Macy's Backstage and China, Macy's said. 
 
 Mark Cohen, a professor at Columbia Business School, said it's not the last time Macy's will make this type of announcement. 
 
 Related: JCPenney, Kohl's, Macy's and Sears sued over misleading prices 
 
 "It's a very hard day for the folks involved obviously, but I would also say it's inevitable," Cohen said. "And there's definitely more to come." 
 
 He said that Macy's -- and its competitors in the brick-and-mortar retail industry -- have been "unwilling to fully acknowledge the reality of their business performance," and he expects job cuts and store closures to be an ongoing trend in 2017. 
 
 An earnings report posted by Kohls (KSS) Wednesday followed the trend. The company posted a disappointing holiday sales season and lowered its earnings guidance for the 2016 fiscal year. Its stock dipped more than 7% during extended trading hours.
– These weren't happy holidays for Macy's. CNN reports the department store announced plans Wednesday to close 68 stores and get rid of more than 10,000 jobs. November and December sales at comparable Macy's locations declined 2.1% between 2015 and 2016, according to the Wall Street Journal. Macy's chief executive says the closures will target stores that are "unproductive or are no longer robust shopping destinations." About 3,900 workers will be laid off when the stores are closed; another 6,200 jobs will be cut. Reuters reports Macy's will save $550 million this year through the store closures. It plans to invest $250 million of that into expanding and improving its digital operations and other areas. "It's a very hard day for the folks involved obviously, but I would also say it's inevitable," Columbia Business School professor Mark Cohen tells CNN. "And there's definitely more to come." Department stores seem uniquely incapable of capitalizing on the increase in sales seen by many other types of US retailers this year, whether due to the growing popularity of online shopping, the opening of brand-specific stores, or a myriad other reasons. Macy's, Kohl's, JC Penney, and Nordstrom all saw their stocks decline after holiday sales numbers were reported. And Macy's is staring at the likelihood of its eighth quarter of declining sales in a row.