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Macy’s will slash about 2,000 positions, and shutter 125 stores, according to a news report.
The retailer, is eliminating 10% of its corporate and support positions, according to the Wall Street Journal. And after previously saying it would close 28 locations, it says it will now shutter 125 more and concentrate top leadership roles in New York.
The job cuts and store closures come in the wake of Macy’s sales continuing to slide during the critical holiday season.
Macy’s, once the template of what it meant to be a luxury department store, has struggled to reinvent itself at a time when the popularity of online shopping has crippled one time retail giants like Payless and Toys R Us.
Macy’s also cut jobs last year, announcing in February that it would pare roughly 100 positions at the vice-president level and above to streamline its leadership and become more nimble.
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Macy’s was likely to reveal more details about its efforts to restructure during its investors day, taking place on Wednesday.
It has been experimenting with new shopping experiences in its “Growth 50” locations, and wooing shoppers with the option of picking up their online purchases at an actual store. But some retail watchers say that may be too little too late.
This story will be updated.
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