Macy's Closes 68 Stores And Cuts 10,000 Jobs

2024 Author: Steven Freeman | [email protected]. Last modified: 2023-12-17 08:15

Macy's chain announced that it will close 68 stores around the country, resulting in the loss of 10,000 employees as a result of its poor economic performance.

According to a press release released on Wednesday, the chain's sales fell 2.1 percent in the last quarter, so it will have to lay off, in the first instance, 3,900 of its workers.

To these will be added 6,200 more as part of an administrative restructuring of the renowned company.

Five of the stores indicated have already closed, while the other 63 will do so between now and next August. The chain said there were no plans to close any more of its remaining 660 stores.

The intention, according to the statement, is to channel the savings generated by these cuts to strengthen digital sales and other marketing initiatives.

Columbia University Business School professor Mark Cohen told CNN that the closing of establishments and the reduction of jobs will be a trend in 2017. "Obviously it is a very tough day for the people involved," he said., “But at the same time it is inevitable. And there is more [news like this] to come.”

He was not mistaken, as Sears Holdings has already announced the closure of 108 Kmart stores and 42 Sears stores.