JUST IN: Major retailer to close 125 stores, shed 2,000 corporate jobs

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BY TEAM DML / FEBRUARY 4, 2020 /

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As the most reliable and balanced news aggregation service on the internet, DML News App offers the following information published by ABCNews.GO.com:

NEW YORK — Macy’s says it is closing 125 of its least productive stores and cutting 2,000 corporate jobs as the struggling department store tries to reinvent itself in the age of online shopping.

The store closures represent about one fifth of Macy’s current total. The stores, which include about 30 that are in the process of closing, account for $1.4 billion in annual sales.

The article goes on to state the following:

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Macy’s didn’t specify how many jobs would be lost at the shuttered stores.

“We have a clear vision of where Macy’s, Inc. and our brands, Macy’s, Bloomingdale’s and Bluemercury, fit into retail today. We are confident in our Polaris strategy, and we have the resources required to return Macy’s, Inc. to sustainable, profitable growth,” said Jeff Gennette, chairman and chief executive officer of Macy’s, Inc. “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. Over the past three years, we have shown we can grow the top-line; however, we have significant work to do to improve the bottom-line. We are confident the strategy we are announcing today will allow us to stabilize margin in 2020 and set the foundation for sustainable, profitable growth.”

“We are taking the organization through significant structural change to lower costs, bring teams closer together and reduce duplicative work. This will be a tough week for our team as we say goodbye to great colleagues and good friends. The changes we are making are deep and impact every area of the business, but they are necessary. I know we will come out of this transition stronger, more agile and better fit to compete in today’s retail environment,” continued Gennette.

From the Washington Post:

“The announcement comes less than a month after the company said it would close 29 Macy’s and Bloomingdale’s stores. The retail giant has closed dozens of under-performing stores, many of them in shopping malls, over the past four years, as it invests more in its most lucrative properties. Even so, Macy’s has struggled to win over customers who are increasingly buying online instead of at shopping malls.”

“Macy’s to close 125 stores, sees $480 million in restructuring costs, to cut 2,000 corporate jobs,” CNBC Now tweeted.

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