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Macy’s Closing 68 stores; Job Cuts Total 10,100

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Macy’s Closing 68 stores; Job Cuts Total 10,100

After seeing sales drop during the holidays, Macy’s said Wednesday it has either closed or will shutter 68 stores and cut an additional 6,200 positions.

(USA) – After seeing sales drop during the holidays, Macy’s said Wednesday it has either closed or will shutter 68 stores and cut an additional 6,200 positions.

Of the 68 stores out of 730 in total, nine closings had been previously announced and three locations have already shut down.

But the retail giant revealed the locations of the remaining 59 stores, which will be shuttered by the middle of this year and affect 3,900 employees, some of whom may be offered jobs at other locations.

The locations span the country, from Florida to Oregon.

Additionally the retail giant says that it will be cutting “layers of management” at its central operations, and paring the number of managers supporting stores, making up the bulk of 6,200 jobs that will be lost.

“We continue to experience declining traffic in our stores where the majority of our business is still transacted,” Terry Lundgren, Macy’s CEO said in a statement.  In regard to the store closings he added, “we are closing locations that are unproductive or are no longer robust shopping destinations due to changes in the local retail shopping landscape. . . .These are never easy decisions.”

The news did not seem to sooth investors, with Macy’s shares plunging 8.7%, to $32.70, in after hours trading.

See the entire list of store closures HERE

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