Macy's (M) - Get Report , Kohl's (KSS) - Get Report and L Brands (LB) - Get Report  are among the biggest losers in the Standard & Poor's 500 index today after a string of profit warnings exacerbated investor concerns about brick-and-mortar holiday sales. 

Luxury retailers including Kate Spade (KATE) , Coach (COH) and Michael Kors (KORS)  also were among the leading decliners today after both Macy's and Kohl's cited weak accessories sales for the downbeat forecasts, with Macy's pointing to softness in handbags and watches specifically. Kate Spade is down 2.37% at $17.71, while Coach has fallen 3.31% to 35.04.

Michael Kors stock is down almost 5% today, to $41.53. The company gets about 12.7% of its revenue from Macy's, according to Bloomberg data.

Other key vendors including G-III Apparel Group (GIII) - Get Report , Ralph Lauren (RL) - Get Report and PVH (PVH) - Get Report  , which owns Calvin Klein and Tommy Hilfiger, are being negatively impacted as well. G-III is down 7.30% at $27.80, Ralph Lauren fell 2.68% to $88.19 and PVH slipped 1.55% to $90.54.

Macy's stock was downgraded to "hold" from "buy" at Deutsche Bank Thursday morning after the retailer lowered its fourth-quarter profit outlook and announced that about 10,000 employees will be laid off. 

Shares were falling 14.40% to $30.68 on heavy trading volume this afternoon.

Technical analysis of Macy's stock shows that the shares are close to tumbling much farther than they have already, said Bruce Kamich, a technical analyst at TheStreet. Noting that Macy's now trades close to the bottom of its $30 to $32 "support zone," Kamich said "a close below $30 is likely to precipitate a longer-term decline toward $18."

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The majority of the layoffs, about 6,200, are the result of a streamlining of Macy's business while the other 3,900 are related to store closures. 

Macy's announced last year its intention to shutter 100 stores, and on Wednesday revealed the 63 of these that it plans to close this spring.

"Some rationalization of retail space needs to occur, and I think we were at the forefront of acknowledging that," CEO Terry Lundgren told TheStreetyesterday. "We have looked at where populations are growing, and where they are shrinking. And that's how we came up with our store closure plan."

The company anticipates a $575 million hit to 2017 sales due to these store closures, but noted that the restructuring should save it about $550 million a year starting in 2017 to invest in its digital business, Bluemercury brand, Macy's Backstage bargain stores and China.

"We continue to applaud management's efforts to streamline operations and reduce expenses, but core earnings ex. real estate is declining at an alarming pace," Deutsche Bank analysts said in today's note.

The department store operator now expects to report full-year earnings between $2.95 and $3.10 per share for 2016, down from between $3.15 and $3.40 a share.

Kohl's similarly cut its full-year earnings outlook yesterday evening, to between $2.92 and $2.97 per share from $3.12 to $3.32 per share. Shares were plunging nearly 18% to $42.58 on heavy trading volume today.

This morning, L Brands said fourth-quarter earnings are expected to be at the low end of its previous guidance between $1.85 and $2 per share.

PVH, which gets 8.4% of its revenue from Macy's, attempted to calm investors by announcing this morning that fourth-quarter and full-year earnings should be at the high end of its previous guidance.

Shares are nonetheless being dragged down by sector weakness. Nine of the S&P 500's top 10 decliners today are within the retail space.

Gap (GPS) - Get Report is scheduled to report December sales after today's market close.