Macy’s announced Tuesday that over the next three years, the company would close 125 stores and cut an additional 2,000 corporate jobs in San Fransisco and Cincinnati.
“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.”
The 125 stores, including 30 that had previously been announced, make up $1.4 billion in sales annually.
The department store plans to focus its attention on smaller stores in strip malls.
As of July of 2019, Macy’s had 871 locations.