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Macy's to Close 63 Stores, Slash 10,000 Jobs

Image: Macy's to Close 63 Stores, Slash 10,000 Jobs

(AP Photo/Erik Pendzich)

By    |   Wednesday, 04 Jan 2017 07:37 PM

Macy's announced Wednesday it will close dozens of stores and cut more than 10,000 jobs after a sluggish holiday season for the retail giant.

The chain, Fortune reported, will shutter 63 stores by the spring. Another two stores will close their doors later this year, while an additional 30 will be closed sometime after 2017.

Macy's, which first opened in 1858, will focus on improving its 150 best stores moving forward.

"We are closing locations that are unproductive or are no longer robust shopping destinations, due to changes in the local retail shopping landscape, as well as monetizing locations with highly valued real estate," Macy's CEO Terry Lundgren told Fortune.

It was announced last June Lundgren will step down as Macy's CEO next month.

Department stores have been struggling in the face of competition from online and discount rivals such as Amazon. The months of November and December traditionally have stronger sales because of holiday shopping around Thanksgiving and Christmas.

Macy's cut its adjusted profit forecast for the year ending Jan. 30 to $2.95-$3.10 per share from the $3.15-$3.40 per share it previously expected.

The planned job cuts break down to 3,900 in stores and 6,200 additional positions, Fortune noted.

For a list of Macy's store closings, click here.

Information from Reuters was used in this report.

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Macy's announced Wednesday it will close dozens of stores and cut more than 10,000 jobs after a sluggish holiday season for the retail giant.
Macys, jobs, Christmas, shopping
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2017-37-04
Wednesday, 04 Jan 2017 07:37 PM
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