Macy’s To Close Additional 125 Stores Over Three Years

The Wall Street Journal reports:

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 about 2000 corporate jobs and closing several offices. It will abandon a dual national headquarters location in Cincinnati – a structure Macy’s has kept since 1994 – and put all headquarters roles in New York City.

The news follows a series of store closures that were announced earlier this year. Macy’s announced it will close an additional 30 stores across the country, shifting its focus to its most profitable stores.

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