Macy’s Closing 125 Stores & Cutting 2,000 Jobs
About 2,000 people will be losing their jobs at Macy's over the next three years. The layoffs will "...impact every area of the business," Macy's CEO said in a press release.
The retailer announced on Tuesday that they would be closing 125 of their most underperforming stores; in addition to the 30 already in the process of closing. They're also rolling out a new business strategy to restructure the company.
The restructuring entails five components: Strengthen Customer Relationships, Curate Quality Fashion, Accelerate Digital Growth, and Optimize Store Portfolio.
Some of the changes include testing a new smaller store concept called Market by Macy's which will not be inside a mall.
...will feature a mix of curated Macy’s merchandise and local goods, as well as local food and beverage options and a robust community events calendar.
Also, the new loyalty program will be introduced by the end of the month.
By 2022, they expect to have saved $1.5 billion.
USA Today has a list of half of the stores that will close in the next three years. As of now, no Michigan stores are on that list. West MI is home to three Macy's -- Grand Rapids, Grandville, and Kalamazoo.