The problems facing traditional retailers contrast starkly with the online juggernaut Amazon, which announced a record-breaking holiday sales season. Macy's has struggled to compete with heavy discounters like T. J. Maxx, as well as so-called fast fashion brands like H&M and Zara.


The retailer said that it would also push ahead with the previously announced closing of 36 stores in the early spring. Macy's operates about 900 stores in the United States.

In a bid to better compete with discounters and fast fashion brands, Macy's said it would open about 50 off-price locations under the Macy's Backstage banner, which it introduced last year. That will add to the six Macy's discount stores the retailer has opened so far, all in the New York area.

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