Macy’s to Shut 125 Stores to Survive in New Retail Era
- Retailer will also cut about 2,000 jobs under restructuring
- Company expects annual cost savings of $1.5 billion by 2022
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Macy’s Inc. plans to close 125 of its least productive department stores -- almost a quarter of the total -- over the next three years and cut about 2,000 jobs as part of a large restructuring.
The stores, including 30 that are already in the process of being closed, account for about $1.4 billion in annual sales, the company said in a statement. Across the rest of the locations, the company is adjusting its staff -- reducing in some locations and increasing it in better-performing stores. The shares climbed as much as 3.5% in late trading.