Shrinking to Grow: Macy’s to Shutter Stores, Lay Off Employees

Shrinking to Grow: Macy’s to Shutter Stores, Lay Off Employees

Cincinnati, OH – Last week department store giant Macy’s announced plans to shutter 125 of its lowest performing stores while at the same time reducing its corporate staff by about 2,000 employees over the next three years. In explaining its decision Macy’s Chief Executive Jeff Gennette said the closures would focus the retail giant’s resources on the healthy parts of its business, directly address the unhealthy parts of the business and explore new revenue streams. None of the Macy’s in Riverside and San Bernardino Counties were listed among those slated to close in the near term. The store said it will release more information regarding stores scheduled for closure over the next three years. Currently, Macy’s operates about 870 stores nationally—this number includes both Macy’s and Bloomingdale’s department stores.

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