Macy's Details Plans to Close Stores, Cut 10,100 Jobs
January 04 2017 - 4:40PM
Dow Jones News
By Suzanne Kapner
Macy's Inc. outlined restructuring plans Wednesday that will
eliminate more than 10,000 jobs at the struggling department store
giant as it closes about 63 stores this spring and looks to cut
additional costs.
The retailer said it would eliminate about 3,900 jobs with the
store closings, which are part of a plan announced last summer that
will close about 100 of Macy's 730 locations. It also will
eliminate about 6,200 other positions as part of an effort to
streamline operations and reduce expenses so it can invest more in
its digital operations.
"We are closing locations that are unproductive or are no longer
robust shopping destinations due to changes in the local retail
shopping landscape, as well as monetizing locations with highly
valued real estate," CEO Terry Lundgren said.
On Wednesday, Macy's reported lackluster holiday sales. The
company said its sales declined 2.1% on a comparable store basis in
November and December from a year ago, amid lower traffic to its
stores.
Mr. Lundgren said he expects 2017 sales to decline at a similar
rate to the company's latest holiday performance.
Write to Suzanne Kapner at Suzanne.Kapner@wsj.com
(END) Dow Jones Newswires
January 04, 2017 16:25 ET (21:25 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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