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Macy’s to open discount spin-off in stores

Macy’s to open discount spin-off in stores E! News UK

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While online retailers like Amazon enjoyed a record-breaking holiday season, some department stores including Macy’s reported disappointing sales. The legendary chain announced the closing of 40 stores across 21 states in addition to 5,000 job cuts. Macy’s is looking to bring in new customers by opening branches of its discount store, Macy’s Backstage. CBS News financial contributor Mellody Hobson joins “CBS This Morning” to discuss their strategy.

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