Macy's Inc said on Tuesday it plans to close 125 of its least productive st...
) said on Tuesday it plans to close 125 of its least productive stores over the next three years to tackle slowing mall traffic and will slash more than 2,000 corporate jobs as a part of a cost-savings effort.
The Cincinnati, Ohio-based company operated 867 stores according to a regulatory filing a year ago. It had 130,000 total employees at the time. The 161-year-old department store chain has been grappling with retaining existing shoppers and attracting new ones as consumers opt for online shopping. Since 2015, it has closed more than 100 stores and cut thousands of jobs.
The 125 stores targeted for closure currently account for about $1.4 billion in annual sales, the company said.The largest U.S. department store operator also said it expects annual gross cost savings of $1.5 billion by 2022, with $600 million expected in 2020.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
WSJ News Exclusive | Macy’s to Close 125 Department Stores, Exit Weakest MallsThe department-store operator is cutting back sharply in an admission that a fifth of its locations cannot thrive as shoppers buy more online and make fewer trips to malls.
Les mer »
Macy's will close 125 stores in the next three yearsMacy's said Tuesday that it will close 125 stores over the next three years, nearly one fifth of the department store chain's total locations.
Les mer »
Macy's is closing 125 stores, cutting thousands of corporate jobs, and shuttering offices - Business InsiderThe store closings represent about one fifth of the retailer's locations. The company will also cut 2,000 corporate jobs.
Les mer »
Macy's is closing 125 stores, cutting thousands of corporate jobs, and shuttering offices - Business InsiderThe store closings represent about one fifth of the retailer's locations. The company will also cut 2,000 corporate jobs.
Les mer »
WSJ News Exclusive | Macy’s to Close 125 Department Stores, Exit Weakest MallsThe department-store operator is cutting back sharply in an admission that a fifth of its locations cannot thrive as shoppers buy more online and make fewer trips to malls.
Les mer »