By Associated Press – Re-Blogged From Headline Wealth
Macy’s said Tuesday it is closing 125 of its least productive stores and cutting 2,000 corporate jobs as the struggling department store tries to reinvent itself in the age of online shopping.
The store closures represent about one fifth of Macy’s current total. They include about 30 that are in the process of closing and account for $1.4 billion in annual sales.
Macy’s didn’t specify how many jobs would be lost at the shuttered stores.
The corporate jobs will be shed as Macy’s closes its offices in Cincinnati and San Francisco, leaving New York as its sole corporate headquarters. Macy’s said that the 2,000 jobs to be lost account for about 9% of its corporate workforce.