Launched in 1858, American luxury department store chain Macy’s is about to close 125 of its least productive stores and cut 2,000 corporate jobs as the department store are struggling to survive in the age of online shopping.
The company is also closing its offices in Cincinnati and San Francisco, leaving New York as its sole corporate headquarters. However, they didn’t specify how may jobs would be lost.
The store closures represent about one-fifth of Macy’s current total. The stores in process of closing account for $1.4 billion in annual sales. Macy’s is also testing a new store format that is located at a strip center, instead of a mall. The company is also awaiting its annual investor meeting where CEO Jeff Gennette is expected to unveil a three-year reinvention plan.