Macy’s said in a statement that it plans to close about 125 of its “least productive” stores over the next three years, including about 30 stores that are in the process of closing now.
The specific stores were not named. Macy's will also expand continue its "growth treatment" to the remaining store portfolio, including upgrading an additional 100 stores this year, which includes boosts like renovations, new tech and local marketing.
Besides New York City becoming the sole corporate headquarters, the company will also close its Tempe, Arizona, customer contact center, and consolidate customer service work at its Mason and Clearwater, Florida, sites.
The company will be also be closing its San Francisco, downtown Cincinnati and Lorain offices.
The company states on its website that it has about 130,000 employees, is in 43 states and had $24.971 billion in sales for fiscal year 2018.
Jeff Gennette, chairman and chief executive, stated he was confident the strategy announced Tuesday will allow Macy’s to stabilize margins in 2020 and set the foundation for sustainable, profitable growth.
"We will focus our resources on the healthy parts of our business, directly address the unhealthy parts of the business and explore new revenue streams," he said.
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