From Home Furnishing Business
Macy’s Closing 125 Stores over Next 3 Years
Earlier this week, Macy’s Inc. (NYSE: M) announced its plans to close 125 of its least productive stores over the next three years and cut more than 2,000 corporate jobs, according to a report from Reuters.
To tackle plummeting mall traffic in the U.S., the company said it would close stores in “lower tier” malls and explore new off-mall formats.
The Cincinnati, Ohio-based, 161-year-old department store chain has struggled to retain existing shoppers and attract new ones as consumers opt for online shopping. Since 2015, it has closed more than 100 stores and cut thousands of jobs.
“We will focus our resources on the healthy parts of our business, directly address the unhealthy parts of the business and explore new revenue streams,” said Jeff Gennette, CEO.
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