125 stores to close, 2,000 jobs to be slashed

Retailer to shutter 125 stores over three years

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Macy’s will close roughly 125 stores, a fifth of its locations, and is cutting 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 as Macy’s sales continued 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,” Macy’s chairman and CEO Jeff Gennette 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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The stores that will be closing collectively account for $1.4 billion in sales but individually are poor performers and are based in what the company deems to be “lower-tier” malls.  

Among the stores that remain open, there will be job cuts  “in some stores and increases in others,” Macy’s said in the statement. 

Additionally, it is shutting its San Francisco offices that handled tech functions, shifting those tasks to New York City and Atlanta.



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