Macy's to close 125 stores, shed 2,000 corporate jobs

Wilton Vinck

NEW YORK – Macy’s states it is closing one hundred twenty five of its least effective stores and cutting two,000 company employment as the battling office shop attempts to reinvent alone in the age of on the web shopping.

The shop closures represent about one fifth of Macy’s present overall. The stores, which incorporate about thirty that are in the approach of closing, account for $1.4 billion in once-a-year sales.

Macy’s didn’t specify how lots of employment would be misplaced at the shuttered stores.

The company employment will be get rid of as Macy’s closes its offices in Cincinnati and San Francisco, leaving New York as its sole company headquarters.

Macy’s is also tests a new shop format that’s positioned at a strip center, rather of a shopping mall.

The moves announced Tuesday occur forward of Macy’s once-a-year trader conference where CEO Jeff Gennette is envisioned to unveil a three-yr reinvention approach.

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