Macy’s to close 125 stores, shed 2,000 corporate jobs, Retail News, ET Retail

NEW YORK – Macy’s states it is closing a hundred twenty five of its minimum productive shops and chopping 2,000 company work as the struggling office store attempts to reinvent by itself in the age of online searching.

The store closures depict about 1 fifth of Macy’s latest complete. The shops, which include about thirty that are in the system of closing, account for $1.four billion in once-a-year profits.

Macy’s failed to specify how quite a few work would be lost at the shuttered shops.

The company work will be drop as Macy’s closes its offices in Cincinnati and San Francisco, leaving New York as its sole company headquarters.

Macy’s is also testing a new store structure which is situated at a strip middle, rather of a mall.

The moves declared Tuesday come in advance of Macy’s once-a-year trader assembly in which CEO Jeff Gennette is predicted to unveil a a few-calendar year reinvention program.