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Macy's will close 125 department stores, one-fifth of the retailer's overall footprint, and ax about 2,000 corporate jobs over the next three years, the Wall Street Journal reports.
Why it matters: Department stores such as Macy's have struggled to keep up with e-commerce giants like Amazon, especially over the recent holiday season. Macy's and other department stores are still recovering from rocky end-of-year sales.
Details: The thousands of job cuts include 10% of corporate and support staff with several offices shuttering. About 400 Macy's storefronts will remain.
- Its dual headquarters in Cincinnati will close and transfer all HQ roles to New York.
- Macy's will continue to run the 40 Bloomingdale’s stores it has and about 170 of its Bluemercury beauty chain locations.
What's next: With the closures, Macy's told WSJ it expects to save $1.5 billion annually by the end of 2022, with $600 million in savings for the current fiscal year.
Go deeper: The year of the mall makeover