It seems like every time we turn on the TV or check the news online, that we hear that another major retailer is closing stores across the nation. This week Macy’s announced that it plans to close 125 department stores over the next three years. Macy’s says that they are stuck in a sales slump, and that they need to ‘shrink to grow’.
“We are taking the organization through significant structural change to lower costs, bring teams closer together and reduce duplicative work,” CEO Jeff Gennette said in a statement. “The changes we are making are deep and impact every area of the business, but they are necessary. I know we will come out of this transition stronger, more agile and better fit to compete in today’s retail environment.”
Macy’s said it’s main focus going forward will be on growing its off price business known as Backstage, which the company says it plans on opening an addition 50 Backstage stores within its existing store locations and seven freestanding Backstage locations in 2020.
No word on what locations will be closing over the next 3 years.
Read the full press release HERE!
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