Macy’s laid out a radical $1.5-billion cost-cutting plan to revive its fortunes, which calls for closing another 125 stores.
Macy’s on Tuesday laid out a radical $1.5-billion cost-cutting plan to revive its fortunes, calling for closing another 125 stores, axing about 2,000 corporate jobs and shutting its joint headquarters in Cincinnati.
Macy’s, which operates about 680 department stores under the Macy’s and Bloomingdale’s brands, said the sites to be closed accounted for a combined $1.4 billion in annual sales. The stores targeted were among the company’s “least productive,” it said, and about 30 were already in the process of being shut. The closures would be completed over the next three years.
He planned to deploy some of the savings into the “healthy parts” of the business. Macy’s would invest in its better sites, including upgrading and refurbishing another 100 stores this year, he added. The company has already refreshed about 150 stores. Macy’s set out the restructuring plan as it forecast further sales declines that underline how the department store business has struggled to adapt as more consumers shop online.
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