Macy's Black Friday Glitch Clearly Didn't Hurt Much
In an interview with CNBC on the morning of Black Friday, Macy's (NYSE: M) CEO Jeff Gennette indicated that the company had a strong start to the holiday selling season. This was welcome news for investors, as Macy's has posted declining comparable-store sales for 11 consecutive quarters.
Unfortunately, soon after that interview aired, Macy's experienced a server glitch that slowed the processing of credit cards and gift cards to a crawl. This led to massive lines in Macy's stores, failed transactions on the macys.com website, and a huge outcry on social media. Some pundits predicted that customers who encountered problems might avoid Macy's for the rest of the holiday season.
However, this temporary credit card processing issue doesn't seem to have broken Macy's momentum. In fact, the company just announced on Friday that it will hire 7,000 more seasonal workers for the rest of the holiday season.
Source: Fool.com
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