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Business moving online and a weak holiday sales season have resulted in major closures for American retailers. "More than 10 percent of U.S. retail space, or nearly 1 billion square feet, may need to be closed, converted to other uses or renegotiated for lower rent in coming years, according to data provided to Bloomberg by CoStar Group," Lindsey Rupp and Molly Smith report in the Chicago Tribune.
"Macy's reported disappointing sales in the holiday period, and the company announced a plan to slash 6,200 jobs. It previously said it would close 100 stores, with 68 of those shutting down this year. That move will eliminate an additional 4,000 jobs. Sears also announced a move to shut stores after a holiday sales slump. The department store chain will close 150 locations," Rupp and Smith write.