The holiday shopping season wasn't enough to give Macy's the boost it needed to prevent a round of layoffs.
In November and December, sales at Macy's stores fell 5.2 percent compared to the same time period the previous year. Now, the company has announced it will eliminate thousands of positions, both in stores and among its management.
And the company advised the trend could continue over the next month.
Macy's board has recently been fending off calls from activist investors to spin off its real estate into a separate business. It's estimated those properties could be worth $21 billion, double the company's current market value. (Video via Macy's)
Macy's also announced more detailed plans to close 40 stores over the next year.
This video includes images from Getty Images.