Macy’s store closings part of bigger plan as it opens new shops

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Macy's is closing 125 locations and making other deep cuts.

Macy’s, trying to escape the fate that has caused one-time retail giants like Barneys and Toys R Us to declare bankruptcy or go out of business, is shutting stores and giving its fashions, flagship and online experience an upgrade.

The retailer gave investors an overview of its plans to boost sales and profits on Wednesday, a day after it announced it would close roughly 125 under performing stores over three years. It also said it would cut 2,000 jobs to streamline operations. 

“We are making deep cuts that impact every area of our business,’’ Macy’s CEO Jeff Gennette said. “These changes are painful, but they are necessary.’’

Macy’s was once the standard-bearer for the elegant American department store but has struggled to stay relevant at a time when shoppers are increasingly doing their buying online.

Among the roughly 125 stores that will be shuttered, 29 were previously announced and are currently in the process of being shuttered.

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