Macy’s to close 125 stores, set to slash more than 2,000 jobs

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Macy’s to close 125 stores, set to slash more than 2,000 jobs

On Tuesday, the 4th of February 2020, the 91-year-old American departmental store company, Macy’s Inc., headquartered in Cincinnati, Ohio, had issued a statement saying that the struggling hypermarket chain had been brewing off plans to shut down at least 125 stores over the course of next three months and to slash as many as 2,000 corporate-level jobs, remarking the latest cost-trimming effort of the Cincinnati-based department store company which had been haemorrhaging a large chuck of money over the recent months.

Besides, the American departmental store chain, Macy’s Inc., had also added in its Tuesday’s (February 4th) statement that the company had been doodling a plan to kickstart a new off-mall format aimed at grappling with a declining mall traffic in the United States, while its planned store closure move would mostly involve the least productive stores.

Meanwhile, adding that the American departmental store chain was looking to a gross saving of as much as $600 million in 2020, Macy’s Inc. Chief Executive, Jeff Gennette said on Tuesday (February 4th), “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.

” Aside from that, according to Macy’s Inc.’s full-year sales forecast that was revealed on Tuesday (February 4th) as well, the company was expecting its net sales to be between $23.9 billion and $23.9 billion, missing an analysts’ forecast of $24.36 compared to a mean of $23.6 billion, IBES data from Refinitiv revealed.