Business

Macy's To Close Stores, Cut Jobs Amid Weak Holiday Sales

Macy's To Close Stores, Cut Jobs Amid Weak Holiday Sales

United States department store chain Macy's says it will close more than 60 underperforming stores in the first half of 2017 as part of a restructuring plan.

The Cincinnati-based retail giant announced it would close its store in Brockton's Westgate Mall, which employs 79, as well as its store in Taunton's Silver City Galleria, which employs 82.

"Holiday sales were at the low end of what they had forecast - and that disappointed investors".

Macy's is third brick-and-mortar store in Tulsa to announce plans to close in 2017. Over the next two years, the company plans to open approximately 50 Macy's Backstage off-price locations inside existing stores, as well as about 50 Bluemercury beauty specialty stores - both freestanding and as inside shops. This will lead to the reduction of 6,200 jobs.

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Some employees may be offered positions at nearby stores, but Macy's estimates that 3,900 employees will be affected by the closures.

"Shopping trends are firmly against Macy's, and its brand, while not completely diminished, is most certainly tarnished".

"While we are pleased with the strong performance of our highly developed online business ... we continue to experience declining traffic in our stores where the majority of our business is still transacted", Terry Lundgren, chairman and CEO, said in a statement.

Macy's locations across the country will be shutting down this year, but the University Park Mall store in Mishawaka is safe. The restructure, announced via a press release, is set to save the company an estimated $550 million a year - some of which will be invested in growing the digital business, the company confirmed.


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