Macy’s Will Close One Fifth of Its Locations
Macy’s is closing stores – about 125 of them over the next three years – and laying off employees in changes CEO Jeff Gennette calls painful but necessary. About 2,000 jobs are being cut, along with a fifth of Macy’s locations. It is all part of Macy’s efforts to survive the woes plaguing department stores by closing underperforming stores and focusing its efforts on stronger locations.
Macy’s, once the model of the luxury department store, has struggled to stay afloat during a time when Amazon has remade the shopping landscape and one time retail giants like Payless and Toys R Us are going out of business.