Somber department store holiday season casts pall over 2017

Markets Associated Press

  • FILE - In this Nov. 21, 2013, file photo, with the Empire State building in the background, the Macy's logo is illuminated on the front of the department store in New York. A new year season is biting back at Macy’s and Kohl’s early in the new year, with the duo’s shares tumbling in premarket trading on Thursday, Jan. 5, 2017, following news that they had trouble bringing shoppers into their stores to buy presents. (AP Photo/Mark Lennihan, File)

    FILE - In this Nov. 21, 2013, file photo, with the Empire State building in the background, the Macy's logo is illuminated on the front of the department store in New York. A new year season is biting back at Macy’s and Kohl’s early in the new year, ... with the duo’s shares tumbling in premarket trading on Thursday, Jan. 5, 2017, following news that they had trouble bringing shoppers into their stores to buy presents. (AP Photo/Mark Lennihan, File) (The Associated Press)

  • FILe - In a Thursday, May 12, 2016 file photo, the Kohl's logo appears above its trading post on the floor of the New York Stock Exchange. A new year season is biting back at Macy’s and Kohl’s early in the new year, with the duo’s shares tumbling in premarket trading on Thursday, Jan. 5, 2017, following news that they had trouble bringing shoppers into their stores to buy presents. (AP Photo/Richard Drew, File)

    FILe - In a Thursday, May 12, 2016 file photo, the Kohl's logo appears above its trading post on the floor of the New York Stock Exchange. A new year season is biting back at Macy’s and Kohl’s early in the new year, with the duo’s shares tumbling in ... premarket trading on Thursday, Jan. 5, 2017, following news that they had trouble bringing shoppers into their stores to buy presents. (AP Photo/Richard Drew, File) (The Associated Press)

  • Directions to Macy's and Kohl's department stores are shown outside Miami International Mall, Thursday, Jan. 5, 2017, in Doral, Fla. Department stores dominated the news Thursday morning as Macy's and Kohl's both plunged following weak holiday-season reports that led the chains to cut their profit forecasts. Macy's also said it will eliminate 10,000 jobs as it continues to close stores. (AP Photo/Wilfredo Lee)

    Directions to Macy's and Kohl's department stores are shown outside Miami International Mall, Thursday, Jan. 5, 2017, in Doral, Fla. Department stores dominated the news Thursday morning as Macy's and Kohl's both plunged following weak holiday-season ... reports that led the chains to cut their profit forecasts. Macy's also said it will eliminate 10,000 jobs as it continues to close stores. (AP Photo/Wilfredo Lee) (The Associated Press)

A cheerless holiday season is rolling over into the new year for department stores, with bad news from Macy's and Kohl's dragging down the entire sector.

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Both reported falling sales at established stores during the crucial holiday season late Wednesday and shares are under heavy pressure in early trading Thursday.

Macy's Inc., Kohl's Corp., J.C. Penney Co., Target Corp., Sears Holdings Corp. and others are all attempting to navigate a new retail landscape in which the magnetic north is Amazon.com.

At stores like Macy's, that is leading to some drastic actions. It said this week that it would cut more than 10,000 jobs, on top of plans to close 68 stores.

Shares of all department stores are declining after Macy's and Kohl's trimmed their expectations for the year.