Macy’s to Close 125 Stores Nationwide, None Though in Louisiana
The decimation of retail department stores continues as Macy's said on Tuesday that it will be closing 125 stores over the next three years. That's nearly one-fifth of the chain's total locations.
The good news for patrons of the store in the Bayou State is that no Louisiana stores are on the list.
Macy's will look to exit struggling malls. It will be cutting roughly 2,000 jobs, or 10% of its corporate staff, and close its offices in Cincinnati and San Francisco.
The retailer expects to save $1.5 billion by the end of 2022 from the cost-cutting measures.
“We will focus our resources on the healthy parts of our business, directly address the unhealthy parts of the business and explore new revenue streams,” CEO Jeff Gennette said in a statement.