Macy’s To Close Over One Hundred Stores
The giant high-end department store announced yesterday that it plans to shut 125 stores over the next three years, and they also plan to slash about 2,00 corporate jobs.
Macy's says it plans to exit weaker shopping malls, and instead shift its focus toward opening smaller-format stores in strip centers.
According to CNBC, the CEO Jeff Gennette said in a statement, “We are taking the organization through significant structural change to lower costs, bring teams closer together and reduce duplicative work.” He continued by saying, “The changes we are making are deep and impact every area of the business, but they are necessary. I know we will come out of this transition stronger, more agile and better fit to compete in today’s retail environment.”
The company has lost market share in core categories like apparel as fewer shoppers take trips to malls, and instead are buying on Amazon and other online retailers.
Macy's operates 14 stores in Michigan alone and has not yet announced which stores will be in the 125 it plans to close.