WSJ News Exclusive: Macy's CEO said the retailer plans to close 125 stores—a fifth of its locations—and cut about 2,000 corporate jobs
Macy’s Inc. plans to close 125 department stores over the next three years, an admission that a fifth of its locations cannot thrive as shoppers buy more online and make fewer trips to malls.
The company is also cutting roughly 2,000 corporate jobs, or 10% of corporate and support staff, and closing several offices. It will abandon a dual headquarters in Cincinnati—a structure Macy’s has kept since 1994 when it was still one of the country’s biggest retailers—and put all headquarters roles in New York.
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