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Macy’s announces restructuring plan

Jan 10, 2017 / United States

The US-based retailer plans to cut down 10 000 jobs, as it prepares the closure of roughly one hundred stores

Following up on plans announced in August to close 100 of its 730 stores over the next few years and shift more resources online, Macy’s will start to implement the restructuring program immediately.

Of the 10 000 planned job cuts, 6 200 positions are in management, while 3 900 workers are expected to be displaced as the retailer closes 63 of its stores during the spring nmotnhs.

The 63 stores due to shut down in the immediate months are a part of the 100 closures announced in August.

“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”, commented Macy’s chairman CEO Terry Lundgren.

This decision to streamline its retail network is reinforced by a poor sales performance over the holidays. Macy’s said that its  November and December comparable sales declined by 2.1%, including owned and licensed stores, and compared to similar period last year. Considering only an owned basis, comparable sales declined by 2.7% during the period.

Image credits: Getty Images

 


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