Macy’s (MU) stock fell $5,000 or more after the retailer reported its third-quarter earnings Thursday, according to a Reuters survey.
The Macy’s store closures could spell the end of the iconic department store chain.
Macy’s stock is down more than $1,600 since trading opened on Nov. 29.
The company reported a $4.2 billion loss for the quarter, which ended Nov. 30.
The company expects the third-quarters profit to be lower than Wall Street estimates, according, Reuters.
The decline in Macy’s retail sales is expected to be more than the company had previously reported, which were down 3.3 percent in the year-earlier period.
Macy and other retailers are also facing pressure to reduce expenses as consumers increasingly turn to online shopping for their daily necessities.
Macy has been struggling with a huge deficit due to its high debt load.