Nearly 2 years ago to the day, Macy’s “took a stand” against Donald Trump after his controversial start to his 2016 campaign. They painted him as a “racist, sexist, bigot”, which alienated nearly every single one of his supporters.
Macy’s thought that by refusing to sell his ties, they’d be standing up to this “terrible” person. Well, as we sit here almost 24 full months later, Donald Trump is our President and Macy’s stock is down nearly 65%!
Take a look at this chart (via Yahoo Finance) to see the pummeling their stock has taken since opposing our President:
According to Forbes, Macy’s has been forced to lay off nearly 10,000 people and close 100 stores across the United States:
“Like many traditional retailers with a heavy presence in shopping malls, Macy’s has struggled to attract shoppers as online retailers like Amazon and discount chains such as T.J.Maxx gain market share. The retailer just endured another disappointing holiday season and said last month that it would eliminate 10,000 jobs as part of its plan to close 100 stores.
The process of scaling back is weighing on its bottom line. During the fourth quarter, Macy’s recorded $166 million in pre-tax costs associated with its latest round of layoffs and $38 million in write-offs for store closures.”
We hate to see people lose their jobs, especially when upper management mishandles their company.
However, when it comes to the 1-on-1 matchup of Trump VS Macy’s, Trump has clearly come out on top.
Trump – 1,000
Macys – 0