Macy’s Closing Stores, Cutting 10,100 Jobs

Macy’s Inc. (M) outlined restructuring plans Wednesday that will eliminate more than 10,000 jobs at the struggling department store giant as it closes about 63 stores this spring and looks to cut additional costs. The retailer said it would eliminate about 3,900 jobs with the store closings, which are part of a plan announced last summer that will close about 100 of Macy’s 730 locations. It also will eliminate about 6,200 other positions as part of an effort to streamline operations and reduce expenses so it can invest more in its digital operations. “We are closing locations that are unproductive or are no longer robust shopping destinations due to changes in the local retail shopping landscape, as well as monetizing locations with highly valued real estate,” CEO Terry Lundgren said.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s