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Macy's shoppers and employees were dealt a blow on Wednesday.
The country's largest department store chain announced that the company will be closing 40 stores in the U.S. and will be cutting up to 4,800 jobs, The Associated Press reported.
Nearly half of the job cuts will be from reducing staff at stores. The remainder will come from the store closings.
The announcement was not fully unexpected, as Macy's announced last fall that there would be some store closings in the new year, USA Today reported.
The new information released this week was the list of stores that have either closed or will be closing by spring.
Four locations closed before the end of 2015, with the remaining 36 closing in the next few months.
>>See the list of stores closing
According to Macy's, final clearance sales will start Monday and run for eight to 12 weeks.
The company also has plans to open three new Macy's branded stores in either 2016 or 2017. Macy's owns Bloomingdales where two new stores will open, one in 2017 and one in 2018.
There will also be 50 Macy's Backstage locations, many of which will be located inside current Macy's stores, to compete with off-price stores like TJ Maxx, The AP reported.
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