The upscale retailer sells apparel, shoes, cosmetics and accessories in 38 states and Canada.
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The chain hopes to speed up Macy's metabolism.
Its stock tanked 22% after yet another batch of bad news.
Crumbling Sears stores hurt online business too
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Pete and Erik Nordstrom will continue on as co-presidents of the company.
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Sales at its brick-and-mortar stores disappointed.