Retailer to shutter 125 stores over three years

Retailer to shutter 125 stores over three years

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Macy’s will shutter roughly 125 stores, a fifth of its locations, and is slashing about 2,000 positions over the next three years.

The retailer said Tuesday that it will be eliminating 9% of its corporate and support positions. And after previously saying it would close 28 locations, it says it will now shutter nearly 100 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.

“We will focus our resources on the healthy parts of our business, directly address the unhealthy parts of the business and explore new revenue streams,” Jeff Gennette, Macy’s chairman and CEO said in a statement.

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.

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