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Dismal sales force stores to close

January 8, 2009 6:10:08 AM PST
Macy's announced it will close 11 underperforming stores that include locations in Los Angeles.Macy's reports that its December sales fell 4 percent.

Other retailers are also reporting dismal sales, including Wal-Mart, Kmart and Sears.

But the Labor Department released news numbers on unemployment and the numbers are mixed. New claims for unemployment benefits dropped unexpectedly, which is good news, but the continuing claims for benefits are still climbing.

Managed care provider Cigna Corp., aluminum producer Alcoa and technology companies EMC Corp. and Logitech have all announced layoffs.


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