Jan 18, 2024 - Business

Macy's closing more stores, cutting jobs in 2024

Macy's storefront

Macy's is closing stores in a new round of closures. Photo: Kelly Tyko/Axios

Macy's is closing five stores and trimming its workforce by 3.5%, the retailer confirmed to Axios Thursday.

Why it matters: While Macy's had a strong third quarter relative to its past performance, the department store category remains deeply troubled, Axios' Richard Collings reports.

  • Macy's reportedly received a $5.8 billion take-private offer from an investor group that includes Arkhouse Management and Brigade Capital Management last month.

Flashback: Macy's Inc., which includes Bloomingdale's and Bluemercury, said in February 2020 that it planned to close around 125 stores, a fifth of locations, as part of a three-year plan.

  • Rounds of store closings were announced in 2020, 2021, 2022 and a small round in 2023.

What's happening: Macy's will start closing sales in January and said it will reduce its workforce.

  • The Wall Street Journal reports the job cuts total roughly 2,350 positions and that the company plans to lay off 13% of corporate staff.

What they're saying: "As we prepare to deploy a new strategy to meet the needs of an everchanging consumer and marketplace, we made the difficult decision to reduce our workforce by 3.5% to become a more streamlined company," the company said in a statement shared with Axios.

Macy's store closings list 2024

Details: Macy's told Axios that the clearance sale at closing stores "will run for approximately 8-12 weeks."

California Macy's closing stores

  • San Leandro: Bayfair Center, 15555 E 14th St.
  • Simi Valley: Simi Valley Town Center, 1475 Simi Town Center Way

Florida Macy's store closing

  • Tallahassee: Governor's Square, 1500 Apalachee Parkway

Hawaii Macy's store closure

  • Lihue: Kukui Grove, 3-2600 Kaumualii Highway

Virginia closing Macy's store

  • Arlington: Ballston Quarter, 685 N Glebe Road

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