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

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https://www.msn.com/en-us/finance/companies/macys-to-close-125-stores-e2-80-94-about-1-in-5-e2-80-94-and-cut-2000-corporate-jobs-as-it-flees-ailing-lower-tier-malls/ar-BBZGuZD

THIS IS THE BEST ECONOMY IN THE HISTORY OF ECONOMIES, MAYBE EVER


Struggling department store chain Macy’s is planning to close 125 of its weakest stores over the next three years and cut 2,000 corporate jobs in its latest push to reinvent itself in the age of online shopping.

The store closures represent about one fifth of Macy’s current total. About 30 of those stores are already in the process of shutting down, including a Macy’s in West Dundee.

Macy's didn't specify how many jobs would be lost at the shuttered stores.

Macy’s has loyal customers and investments in updating its stronger stores are working, CEO Jeff Gennette said during a meeting with investors Wednesday. But the company has too many stores to maintain them at “brand-right standards,” he said -- even after an earlier round of 100 store closures the retailer announced in 2019.

Macy’s didn’t identify specific stores that will close, but Gennette said the company would close underperforming stores in “lower-tier” malls Gennette said he thinks will continue to decline in a market that is “over-malled and over-retailed.”