comscore Macy’s to close 125 stores and shed 2,000 corporate jobs | Honolulu Star-Advertiser
Top News

Macy’s to close 125 stores and shed 2,000 corporate jobs

NEW YORK >> Macy’s says it is closing 125 of its least productive stores and cutting 2,000 corporate jobs as the struggling department store tries to reinvent itself in the age of online shopping.

The store closures represent about one fifth of Macy’s current total. The stores, which include about 30 that are in the process of closing (including one at Kings’ Shops in Waikoloa Village on Hawaii island), account for $1.4 billion in annual sales.

Macy’s didn’t specify how many jobs would be lost at the shuttered stores. According to Macy’s website, the company operates 12 stores across the islands, including six on Oahu.

The corporate jobs will be shed as Macy’s closes its offices in Cincinnati and San Francisco, leaving New York as its sole corporate headquarters.

Macy’s is also testing a new store format that’s located at a strip center, instead of a mall.

The moves announced today come ahead of Macy’s annual investor meeting where CEO Jeff Gennette is expected to unveil a three-year reinvention plan.

Comments (8)

By participating in online discussions you acknowledge that you have agreed to the Terms of Service. An insightful discussion of ideas and viewpoints is encouraged, but comments must be civil and in good taste, with no personal attacks. If your comments are inappropriate, you may be banned from posting. Report comments if you believe they do not follow our guidelines.

Having trouble with comments? Learn more here.

Click here to see our full coverage of the coronavirus outbreak. Submit your coronavirus news tip.

Be the first to know
Get web push notifications from Star-Advertiser when the next breaking story happens — it's FREE! You just need a supported web browser.
Subscribe for this feature

Scroll Up