Macy’s just announced that they will close 125 stores!
The changes are part of a three-year plan that Macy’s said would generate gross savings of $600 million in 2020 and $1.5 billion annually by 2022.
Macy’s will also cut nearly 2,000 corporate jobs, or about 9% of its corporate head count, and close several offices. The total of the store closings represents only about one-fifth of the retailer’s locations.
After closing 125 stores, Macy’s will have about 400 stores remaining. 100 of those stores are set to get a “growth treatment” in 2020, which includes improvements to the physical store and investments in merchandising strategies, technology, talent, and local marketing. The company has applied these upgrades to 150 stores so far and said they outperformed other locations.