Macy’s to close 68 U.S. stores
Macy’s says it is eliminating more than 10,000 jobs and plans to move forward with 68 store closures after a disappointing holiday shopping season. The department store chain also lowered its full-year earnings forecast.
The retailer said Wednesday that sales at its established stores fell 2.1 percent in November and December compared to the same period last year. Macy’s Inc. pointed to changing consumer behavior and said its performance reflects the challenges that are facing much of the retail industry.
Four of the stores are in malls owned or managed by the Chattanooga-based CBL & Associates Properties and will close on March 31.
At the Layton Hills, Utah, mall, CBL is finalizing negotiations with a new anchor store, and anticipates the new tenant to open before year-end. The other three stores total 444,000 square feet are are currently owned by Macy’s and CBL. CBL has agreed to purchase the properties from Macy’s for $5 million.
Although replacement users have yet to be finalized, CBL President Stephen Lebovitz said the closings were anticipated and “the redevelopment of former department stores provides CBL with significant value-creation opportunities.
“Recapturing these stores will allow us to take space that is underperforming and convert it into new retail, dining and entertainment users – driving increased traffic, sales and growth to the entire property as well as generating strong returns to CBL,” he said.
Obamacare enrollment rises despite higher rates
Despite a jump in premiums in 2017 and Republican plans to repeal Obamacare, enrollment in individual health exchange plans rose to 8.8 million Americans, up from 8.6 million at the same time a year ago.
The U.S. Department of Health and Human Services said Wednesday that total plan selections as of Dec. 31, which include auto re-enrollments, consist of 2.2 million new consumers and 6.6 million returning consumers. Among returning consumers, two thirds, or 4.4 million, actively selected a plan, an increase from last year’s already high levels of consumer engagement.
In Tennessee, HHS said 234,222 persons have signed up for Obamacare coverage despite premium rate increases averaging from 40 to 62 percent by the state’s biggest insurers. In Georgia, another 482,445 have signed up for Obamacare plans.
“With 8.8 million Americans signed up for coverage through HealthCare.gov, more than last year at this time, it is clear that Americans want and need this vital coverage,” HHS Secretary Sylvia M. Burwell said. “As we enter the New Year, Americans who are still uninsured should sign up by Jan. 15 to have coverage starting Feb. 1.”
The figures don’t include selections from the 12 state-based marketplaces that use their own enrollment platforms.
Trump names Clayton as chairman of SEC
President-elect Donald Trump on Wednesday chose a Wall Street attorney with experience in corporate mergers and public stock launches as his nominee to head the Securities and Exchange Commission.
Trump announced his nomination of Jay Clayton, a partner in the law firm Sullivan and Cromwell, as chairman of the independent agency that oversees Wall Street and the financial markets. If confirmed by the Senate, his responsibilities will include enforcing the scores of rules already written by the agency under the 2010 law that reshaped financial regulation after the 2008-09 crisis.
The law, known as Dodd-Frank, has long been scorned by Republicans and is high on Trump’s target list.
Hulu adds CBS for more live TV streaming service
Hulu is teaming up with CBS to add three of the network’s channels to its upcoming live TV streaming service.
The service will cost under $40 a month, Hulu CEO Mike Hopkins said at a conference Wednesday, but he did not give a specific price. That will include Hulu’s library of on-demand videos as well.
Hulu said the live-streaming service will launch in the coming months, but did not give a date.
The CBS deal will give Hulu the right to live-stream the nation’s most-watched broadcast network as well as CBS Sports Network and cable channel Pop.