Macy’s is slated to close 125 of their department stores. In addition to the store closures, they will also layoff about 2,000 employees.
Macy’s struggled in sales in the 4th quarter of 2019. The 2019 holiday season was a disappointment for the department store retailer, to say the least.
“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.” – Jeff Gennette, Macy’s CEO
The store closures and layoffs will take place over the course of three years.