Raging wildfires tearing through Los Angeles County have destroyed homes, neighborhoods and iconic landmarks, and killed at least five people.

Why it matters: Some of the most historic structures in the U.S. were completely wiped out.

The big picture: The number of structures destroyed or damaged by the fires is believed to number "in the thousands," Los Angeles City Fire Chief Kristin Crowley said at a briefing Thursday, adding that the Palisades Fire is "one of the most destructive natural disasters in the history of Los Angeles."

Zoom in: Here's which landmarks are under threat:

Altadena's Bunny Museum

The museum burned to the ground, according to the museum's Instagram account.

Eames House

The 20th century architectural landmark was safe from the fires as ofJan. 8, per the house's Instagram.

Gamble House

The property is "safe for now!!" the house's Instagram account said.

The Getty Villa

The world-famous art museum has so far remained safe, according to a Jan. 8 announcement on its website, although a small brush fire burned trees and vegetation on the property.

The Hollywood Sign

The Sunset Fire in Hollywood Hills area caused rumors about the status of the Hollywood sign to circulate on social media (as well as AI-generated photos), but the sign was undamaged as of Thursday evening.

The Hollywood Bowl

The Hollywood Bowl was impacted by evacuation orders due to the Sunset Fire on Wednesday evening, which the amphitheater and park said on X lifted Thursday morning.

Moonshadows

The owners of Moonshadows reposted footage on Instagram reporting that the fire completely destroyed the iconic restaurant and bar.

Palisades Charter High School

Much of the school — classrooms, tennis courts, the baseball field, and bungalows — all burned in the fire, according to The New York Times. As the school was closed for winter break, few people had to be evacuated, BBC reported.

Palisades Elementary Charter School

The fires also caused "significant damage" to the elementary school, per multiple reports.

Palisades Village

Rick Caruso, owner of the Palisades Village mall, told Los Angeles Times that several homes around the shopping center were "fully engulfed" in flames, and that his shopping center too suffered damage.

The Pasadena Jewish Temple and Center

The temple and Jewish center's campus was "destroyed" by the Eaton Fire, the center said on Facebook.

Reel Inn

Staff at the Pacific Coast Highway restaurant are "unsure what will be left" after flames from the Palisades Fire swept the building, per an Instagram post Wednesday.

Theatre Palisades, Pierson Playhouse

"Our beloved Pierson Playhouse is gone, but the heart of Theatre Palisades beats on. We will rise again," Pierson Playhouse, the organization said on Facebook on Jan. 8 after the Palisades Fire struck.

Topanga Ranch Motel

California State Parks said in a statement that the Topanga Ranch Hotel, once owned by William Randolph Hearst, was also destroyed by the blaze.

Villa Aurora and the Thomas Mann House

Villa Aurora, a historic artists' residence, was partially harmed, representatives said in a statement, though the full extent of the damage was unclear as of Thursday evening.

• "There are first indications that parts of Villa Aurora were able to withstand the destructive fires. However, the building continues to be in the danger zone," the representatives write. The Thomas Mann House, which is on the Villa Aurora property, was undamaged as of Thursday.

Villa de Leon

The status of the mansion — featured in music videos by Beyoncé, Lady Gaga, and more —was not immediately clear as of Thursday evening

• But video footage captured showed that the grounds engulfed in flames from the Palisades Fire.

Will Rogers's Historic Estate

Will Rogers' historic house, along with several other Will Rogers State Park structures, were destroyed, according to California State Parks.

More from Axios:

• How to help victims of the Los Angeles fires
• LA's wildfires sparked by rare collision of climate factors
• Wildfires and hurricanes could make parts of U.S. uninsurable

Macy's is closing 66 stores as part of its "A Bold New Chapter" plan, with liquidation sales set to start in January, the retailer confirmed to Axios Thursday.

Why it matters: The struggling department store chain is getting smaller as it continues to deal with declining sales.

• Macy's said last February that it planned to shutter 150 stores by the end of 2026 — about a third of its locations.
• The retailer also said it is leaning into its high-end brands and plans to invest in its "350 go-forward Macy's locations."
• Tony Spring, Macy's chair and CEO, said in a statement the company is closing underproductive stores "to allow us to focus our resources and prioritize investments in our go–forward stores."

The big picture: The department store sector has been reeling for years, struggling to compete with nimbler big-box chains, fast-fashion retailers and digital competitors.

• The industry has seen the bankruptcies of stalwart chains such as Sears, JCPenney and Neiman Marcus.
• Kohl's announced Thursday that it was closing 27 stores by April.

Flashback: In early 2020 before the pandemic, Macy's Inc., which includes Bloomingdale's and Bluemercury, said it would close around 125 stores, a fifth of locations, as part of a three-year plan.

• Macy's fell short of its target and closed 80 namesake stores.
• Last year, it closed another five stores.

Macy's liquidation closing sales

State of play: Macy's confirmed to Axios that clearance sales will begin in January and will run for approximately 8–12 weeks for full-line and small-format stores.

• For most furniture galleries and free-standing Backstage stores, clearance sales will begin in February and will run for approximately six weeks.

Macy's stores closing list 2025

Zoom in: Macy's typically announces closings after the holiday shopping season, which has been the case in recent years, including in January 2023 and January 2024.

• Stores slated to close include stand-alone Backstage stores, Market by Macy's small format stores, department stores and furniture stores.

Arizona Macy's store closure

• Mesa: Superstition Springs Center, 6535 E Southern Ave.

California Macy's closing stores

• Chula Vista: Otay Ranch Town Center, 2015 Birch Road
• Citrus Heights: Sunrise Mall, 6000 Sunrise Mall
• Corte Madera: Village at Corte Madera, 1400 Redwood Highway
• Los Angeles: Downtown LA Plaza, 750 W 7th St.
• Newark: NewPark Mall, 200 Newpark Mall
• San Diego: Mission Valley Home, 1555 Camino De La Reina
• San Mateo Hillsdale Furniture: 2838 South El Camino
• Westminster: Westminster Mall, 300 Westminster Mall

Colorado Macy's closing stores

• Centennial Southglenn Furniture: 6797 South Vine Street (already closed)
• Denver: The Shops at Northfield, 8298 E Northfield Blvd

Macy's Florida closing stores

• Altamonte Springs Furniture: 820 West Town Parkway
• Boca Raton Furniture: 9339 Glades Rd (already closed)
• Boynton Beach: Boynton Beach Mall, 801 N Congress Ave
• Fort Lauderdale Furniture: 4501 N. Federal Highway
• Pembroke Pines Furniture: 13640 Pines Blvd.
• Sarasota: Westfield Siesta Key, former Southgate Mall, 3501 S Tamiami Trail
• South Dade Furniture: 13251 South Dixie Highway (already closed)
• Tampa: West Shore Plaza, 298 Westshore Plaza

Georgia Macy's closing stores

• Duluth Furniture: Gwinnett Furniture, 3360 Ventura Parkway
• Duluth: Gwinnett Place Mall, 2100 Pleasant Hill Road
• Suwanee Market by Macy's: Johns Creek Town Center, 3630 Peachtree Parkway

Idaho Macy's closing store

• Coeur d'Alene: Silver Lake Mall, 200 W Hanley Ave.

Illinois Macy's store closure

• Springfield: White Oaks Mall, 104 White Oaks Mall

Louisiana Macy's closing store

• Lafayette: Acadiana Mall, 5733 Johnston St.

Macy's Maryland stores closing

• Bel Air: Harford Mall, 600 Baltimore Pike
• Baltimore: Security Square Mall, 6901 Security Blvd.

Macy's Massachusetts store closure

• Kingston: Kingston Collection, 101 Kingston Collection Way

Michigan Macy's closing stores

• Flint: Genesee Valley Center, 4600 Miller Road
• Sterling Heights: Lakeside Mall, 14200 Lakeside Circle
• Traverse City: Grand Traverse Mall, 3400 S Airport Road W
• Troy: Oakland Mall, 500 W 14 Mile Road

Minnesota closing Macy's stores

• Burnsville: Burnsville Center, 14251 Burnhaven Drive
• Maplewood: Maplewood Mall, 3001 White Bear Ave.

Missouri Macy's closing stores

• Kansas City: Metro North Mall, 400 NW Barry Road
• St. Louis: South County Center, 10 S County Center Way

Macy's New Jersey store closing

• West Orange: Backstage Essex Green Shopping Center, 495 Prospect Avenue West

Macy's New York closings

• Brooklyn Downtown: 422 Fulton St.
• Brooklyn: Backstage Sheepshead Bay: 2027 Emmons Ave.
• Bronx: Backstage Fordham Place, 404 East Fordham Road
• Elmhurst: Backstage Queens Place, 88-01 Queens Blvd.
• Huntington: Melville Mall, 834 Walt Whitman Road
• New Hyde Park: Backstage Lake Success, 1526 Union Turnpike
• Massapequa: Sunrise Mall, 400 Sunrise Mall
• Rochester: Greece Ridge Center, 397 Greece Ridge Center
• Staten Island Furniture: 98 Richmond Hill Road

Ohio Macy's closing stores

• Beavertown: Fairfield Commons, 2727 Fairfield Commons Blvd.
• Toledo: Franklin Park, 5001 Monroe St.

Oregon closing Macy's stores

• Hillsboro: The Streets of Tanasbourne, 2055 NE Allie Ave.
• Salem: Salem Center, 400 High St. NE

Pennsylvania Macy's closing stores

• Altoona: Logan Valley Mall, 5580 Goods Lane
• Exton: Exton Square, 245 Exton Square Mall
• Philadelphia: Center City, 1300 Market St.
• Wilkes Barre: Wyoming Valley Mall, 59 Wyoming Valley Mall

Tennessee Macy's store closure

• Memphis: Oak Court, 4545 Poplar Ave.

Texas Macy's store closings

• Dallas Market by Macy's: Southlake Town Square, 321 State Street
• Flower Mound Market by Macy's: Highlands of Flower Mound, 6101 Long Prairie Road
• Fort Worth Market by Macy's: West Bend, 1751 River Run
• Houston: Almeda Mall, 100 Almeda Mall
• Plano: The Shops at Willow Bend, 6209 W Park Blvd.
• Fairview: Village at Fairview, 201 Stacy Road

Virginia Macy's store closing

• Colonial Heights: Southpark Mall, 170 Southpark Circle

Washington Macy's closing stores

• Puyallup: South Hill Mall, 3500 S Meridian
• Redmond Furniture: 15340 NE 24th Street
• Siverdale: Kitsap Mall, 10315 Silverdale Way NW

Editor's note: This story was updated with additional information throughout.

More from Axios:

• Kohl's closing 27 underperforming stores by April 2025
• Taco Bell, McDonald's, Subway, Wendy's, KFC add new meal deals
• Apple reaches $95 million settlement in Siri lawsuit. What to know.

Before and after satellite images help show the destruction caused as the Los Angeles County wildfires continue.

The big picture: So far, at least 25,000 acres have burned and five deaths confirmed, per officials.

More from Axios:

• Sunset Fire threatens Hollywood landmarks
• In photos: L.A. County burns as Eaton Fire explodes in Southern California

The attitudes of financial advisers toward the crypto asset class are changing fast.

The big picture: More than half of FAs in a recent survey say the presidential election has made them more likely to invest in crypto. This time last year, in a survey from the same folks, hardly any advisers believed bitcoin ETFs would even be approved this year.

Zoom in: The survey of 400 advisers was issued by Bitwise, a crypto index fund manager that offers BITB, one of the top 5 bitcoin exchange-traded funds.

• As the firm continues to push the ETF as an investment vehicle, it conducted the survey with VettaFi to see where advisers stood.
• 96% of them said they have gotten questions about crypto.
• Nearly all (99%) of those who have made allocations for clients plan to hold on or increase it.

The intrigue: Most advisers still can't recommend bitcoin ETFs to their clients, because they work in-house for one of the big investment firms that haven't officially sanctioned any bitcoin funds yet.

• This is not that unusual, Matt Hougan, Bitwise's chief investment officer, tells Axios. A lot of times the big guys like to wait a year or so before recommending a new exchange-traded product.

Yes, but: He also noted that they tend to make an exception for a hot ETF launch, and the bitcoin ETFs have been the hottest. So it is a little strange.

• Morgan Stanley, for one, reportedly allows its advisers to recommend BlackRock and Fidelity's bitcoin ETFs to certain clients.

What he's saying: Hougan doesn't believe the early days are over for bitcoin as an investment until its market cap trumps that of gold.

• With gold's market cap at $18 trillion against bitcoin's nearly $2 trillion, that suggests a lot more room to run.

Friction point: Hougan said we've gone through four years of an administration hostile to cryptocurrency, with an investment regulator who takes an especially dim view.

• That was likely to make the big firms nervous. When and if Paul Atkins gets seated in the SEC, that should be enormously encouraging to the big firms putting bitcoin ETFs on their approved lists.

What we're watching: How bad the next bear market will be.

• Every contraction in crypto has seen an 80%-90% drop in bitcoin price, but, as we've said, it seems like the ETF era could soften that next drop.
• "I think it will be shallower and that it will come back faster and that will mean something is different," Hougan concurred.

The bottom line: "The reality is 95% of the world still doesn't own bitcoin, and the vast majority of institutional investors still don't own bitcoin," Hougan said. "Until that changes, it's still early."

Some moderate House Democrats are keeping the door open to supporting the massive tax, border and energy package President-elect Trump and Republicans are concocting — if the price is right.

Why it matters: House Speaker Mike Johnson (R-La.) has virtually no room for error to pass the bill along party lines, and some of his right-wing hardliners are harshly conditioning their votes.

• "One of several, for me, 'bright lines,' 'red lines,' however you want to say it, is deficit reduction," Rep. Chip Roy (R-Texas) told reporters on Thursday.
• That could be a heavy lift with Republicans planning trillions in tax cut extensions, on top of funding for things like enhanced border security.

What we're hearing: The main way Republicans could try to entice some breakaway Democratic support is through raising the $10,000 cap on the state and local tax (SALT) deduction.

• That would put money directly into the pockets of suburbanites in high-tax blue states like California, New York and New Jersey.
• "I'm not going to say what I will support or not support until I see the specifics, but I think SALT is critically important ... and this is a huge opportunity to bring SALT back fully," said Rep. Josh Gottheimer (D-N.J.).
• Rep. George Latimer (D-N.Y.) told Axios, "Obviously I like full SALT restoration, but let's see where the negotiations take us. ... The doors are open for whatever helps."

State of play: Some of the House GOP's most ardent advocates for SALT, like Rep. Mike Lawler (R-N.Y.), are pushing hard to include a generous provision in the bill and are going to Mar-a-Lago this weekend to make their case.

• Trump said on the 2024 campaign trail he would reverse the SALT cap that was part of the 2017 tax bill he signed into law.
• But the high price tag of that policy could make it a tough sell for deficit hawks like Roy, who told reporters, "Obviously, if you significantly lift or eliminate the cap, there's a fairly significant impact in terms of revenues."

The intrigue: Some of the other centrist Democrats who may be inclined to give the package a fair look would be turned off by the inclusion of a strong SALT provision.

• Rep. Jared Golden (D-Maine), who represents a working-class, rural district, told Axios he would support the bill "if there's stuff in there that's good for Maine or that I like."
• But, he added, "I don't like SALT. It's just a huge giveaway to the top 10%, and I care about the deficit. So that's a bad start."

Reality check: Extending the Trump tax cuts could ultimately be a bridge too far for most Democrats, with House Minority Leader Hakeem Jeffries (D-N.Y.) calling the package the "GOP tax scam part two" at a press conference on Wednesday.

• "Wasting trillions of dollars on tax giveaways to the super-wealthy is offensive on its face," said centrist Rep. Greg Landsman (D-Ohio).
• Rep. Tom Suozzi (D-N.Y.) said it would be "very hard to support a tax bill that reduces corporate taxes, that doesn't put the top rate back to where it was."

Johnson, asked by Axios if he is willing to work with Democrats on the legislation, said: "We welcome all Democrats to vote for a good package. This is going to be great legislation. It's an America First agenda, but it follows common sense."

• Trump appears to be willing to take Democratic input: Sen. John Fetterman (D-Pa.) told reporters Thursday he plans to make a trek to Mar-a-Lago this weekend.

The bottom line: Even skeptical Democrats say they are ready to talk if things fall apart for Johnson and he decides to engage with them.

• "They're going to want to do this on their own," said Landsman. "If they can't because of the slim majority, obviously they're going to need our help. And that's when the bipartisan magic happens."

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Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate credit cards to write unbiased product reviews.

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• The US Supreme Court on Thursday rejected Trump's request to block his NY hush-money sentencing.
• The decision means Trump must attend sentencing Friday morning, though he can do so by video.
• Prosecutors said Thursday that they will not seek jail, fines, or probation at sentencing.

The US Supreme Court on Thursday rejected President-elect Donald Trump's last-ditch effort to block his New York hush-money sentencing, which now remains set for 9:30 a.m. on Friday.

The high court's decision means Trump must attend or face a potential bench warrant for his arrest just 10 days before Inauguration Day.

Four conservative justices — Clarence Thomas, Samuel A. Alito, Neil M. Gorsuch, and Brett M. Kavanaugh — had sided with Trump.

Two conservatives on the panel — Chief Justice John G. Roberts and Amy Coney Barrett — broke ranks and supported Manhattan prosecutors.

In their one-page order, the five-judge majority gave two reasons for rejecting Trump's attempt to halt the sentencing.

"First, the alleged evidentiary violations at President-Elect Trump's state-court trial can be addressed in the ordinary course on appeal," meaning post-sentencing, they wrote.

"Second, the burden that sentencing will impose on the President-Elect's responsibilities is relatively insubstantial," they wrote, given that Trump faces a no-punishment sentence and can attend the hearing virtually.

Trump's lawyers last week asked that he be allowed to attend by video, a request approved by his trial judge, state Supreme Court Justice Juan Merchan.

Manhattan District Attorney Alvin Bragg did not oppose Trump attending virtually and said Thursday that his office would not seek jail, fines, or probation at what will likely be a very brief hearing.

Under New York sentencing guidelines, Trump had faced as little as zero jail time and as much as four years in prison for his May 30 conviction on 34 felony counts of falsifying business records.

A Manhattan jury found he altered Trump Organization invoices and other records throughout his first year in office to retroactively hide a $130,000 hush money payment that silenced porn actress Stormy Daniels eleven days before the 2016 election.

"Every legal scholar stated, unequivocally, that this is a case that should never have been brought," Trump said in a Truth Social post on Thursday night.

"There was no case against me," he added. "This was nothing other than Weaponization of our Justice System against a Political Opponent. It's called Lawfare, and nothing like this has ever happened in the United States of America, and it should never be allowed to happen again."

Speaking minutes after the SCOTUS order from Mar-a-Lago, Trump promised to appeal his conviction and repeated that the prosecution is an "attack on a political opponent."

"That's much more important than tomorrow," he said of his planned appeal.

Trump had fought hard to avoid sentencing, despite facing little inconvenience or penalty beyond some potential issues with his New Jersey liquor licenses.

Over the past week, his lawyers had argued in four courthouses — in Manhattan, Albany, and Washington, DC — that any invocation of presidential immunity automatically entitles Trump to a stay pending appeal, even before he is sworn in.

In their opposition filings, Manhattan prosecutors scoffed at the idea that "president-elect immunity" exists. The US Supreme Court's landmark July 1 opinion granted presidents broad immunity from prosecution, but made no mention of immunity before swearing in, lawyers for Bragg said.

"Defendant's novel invocation of President-elect immunity does not warrant his Court's premature intervention" in an ongoing state criminal case, Bragg told the high court in papers filed Thursday morning.

Defense lawyers have promised to file a post-sentencing appeal of the conviction, with SCOTUS if necessary, given what they say were violations of Trump's constitutional rights before and during the trial.

In their primary example, they say grand jurors and trial jurors in the hush-money case improperly heard evidence that includes acts Trump took in his official role as president, which prosecutors are now barred from using.

That official-act evidence, all from 2018, includes tweets Trump sent, a federal form he signed, and a conversation he had in the Oval Office with Hope Hicks, then his communications director.

Prosecutors and the trial judge, Merchan, have argued that even if this was official-act evidence, it was a "harmless error" to share it with jurors, given the other overwhelming proof of guilt.