Macy's says it'll close 125 stores over the next three years, nearly one-fifth of the department store chain's total locations
Macy's will look to exit struggling malls. It will also cut roughly 2,000 jobs, or 10% of its corporate staff, and close its offices in Cincinnati and San Francisco. Macy's expects to save $1.5 billion by the end of 2022 from the cost-cutting measures.It is unclear how many hourly workers will lose their jobs from the store closures.
America has turned its back on big department stores"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," CEO Jeff Gennette said in a statement.The 125 stores Macy's will close currently account for around $1.4 billion of the retailer's annual sales.
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