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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.

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http://money.cnn.com/2017/01/04/news/companies/macys-job-cuts-stock/index.html

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