Macy’s plans to close 125 stores over the next three years and cut thousands of corporate jobs, the company said Tuesday.
The store closings represent about one fifth of the retailer’s locations. The company will also cut 2,000 corporate jobs, representing about 9% of its corporate headcount, and close several offices.
“We are taking the organization through significant structural change to lower costs, bring teams closer together, and reduce duplicative work,” Macy’s CEO Jeff Gennette said in a statement on Tuesday. “This will be a tough week for our team as we say goodbye to great colleagues and good friends. The changes we are making are deep and impact every area of the business, but they are necessary.”
Macy’s said New York City will become the company’s sole corporate headquarters.
The company will be closing its San Francisco, downtown Cincinnati, and Lorain, Ohio offices. The company will also close its Tempe, Arizona customer contact center and consolidate customer service work into its Mason, Ohio and Clearwater, Florida facilities.
Mark my words, once Macy’s disappears it will be the Disney Thanksgiving Day Parade in NY
If dummycrats win this is just the small tip of a gigantic iceberg !!
They need to innovate or die.
Look at Sears, at one time they had the mail order market cornered. If only Sears had pivoted at the dawn of the internet they would be Amazon today.
I remember when Sears sold top quality products. The old Roebuck Jeans had to be washed two dozen times to soften them up; and they lasted for years. I bought a new Admiral washer & dryer. In two years the dryer needed service 3 times & the washer began to leak. Long out of warranty. What to do ??? The old Kenmore washer was still in the basement; 40+ years old. It was like trying to get a Buick Park Avenue up the basement stairs. Still working. It looks like it was airdropped without a chute; but works like the day it was made.
I completely agree with you. These companies had the resources to get ahead of the .com boom of the 90s. They could have spent millions on R&D to be the first stores in America to deploy online retail shopping. It was a massive missed opportunity that their business analysts and consultants should have been driving them towards. Now, they have so much overhead and they just can’t keep up. They will never get their prices as low as online retail. I think there is still a market for brick-and-mortar retail for more high-end items like business attire and formal wear - things that you probably wouldn’t want to order online, but I am not seeing these stores heading in that smaller boutique direction.
This has been the trend for ALL the old brick and mortar retailers.
Sears was already on it’s deathbed before the internet revolution began.