Retailer to shutter 125 stores over three years

Macy

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Macy's Herald Square

Macy’s will slash about 2,000 positions, and shutter 125 stores– 20% of its locations. 

The retailer is eliminating 10% of its corporate and support positions, according to the Wall Street Journal. And after previously saying it would close 28 locations, it says it will now shutter 125 more and concentrate top leadership roles in New York.

The job cuts and store closures come in the wake of Macy’s sales continuing to slide during the critical holiday season.

Macy’s, once the template of what it meant to be a luxury department store, has struggled to reinvent itself at a time when the popularity of online shopping has crippled one time retail giants like Payless and Toys R Us.

An earlier report Tuesday noted that Macy’s was planning to close offices and eliminate jobs in San Francisco. Tasks performed by those offices, which handle tech functions, were set to shift to offices in New York and Atlanta, according to CNBC.  

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