Macy's Inc said on Tuesday it plans to close 125 of its least productive st...
) said on Tuesday it plans to close 125 of its least productive stores over the next three years to tackle slowing mall traffic and will slash more than 2,000 corporate jobs as a part of a cost-savings effort.
The Cincinnati, Ohio-based company operated 867 stores according to a regulatory filing a year ago. It had 130,000 total employees at the time. The 161-year-old department store chain has been grappling with retaining existing shoppers and attracting new ones as consumers opt for online shopping. Since 2015, it has closed more than 100 stores and cut thousands of jobs.
The 125 stores targeted for closure currently account for about $1.4 billion in annual sales, the company said.The largest U.S. department store operator also said it expects annual gross cost savings of $1.5 billion by 2022, with $600 million expected in 2020.
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