Macy’s will close these five stores following layoffs of more than 2,300 employees
A ‘Barron’s Roundtable’ panel provides insight on investing in Macy’s, Nordstrom and Gilead Sciences.
Macy’s will close five locations permanently. The closures come as part of a move first reported Thursday by the Wall Street Journal that includes the retailer eliminating about 2,350 jobs.
INVESTOR GROUP LAUNCHES $5.8 BILLION BUYOUT BID FOR MACY’S
“As we prepare to deploy a new strategy to meet the needs of an everchanging consumer and marketplace, we made the difficult decision to reduce our workforce by 3.5% to become a more streamlined company,” a Macy’s spokesperson told FOX Business.
NEW YORK, NEW YORK – JANUARY 19: The Macy’s company logo is seen at the Macy’s store on Herald Square on January 19, 2024 in New York City. Macy’s department-store chain announced that they will be laying off roughly 2,350 employees which is about 3. (Michael M. Santiago/Getty Images / Getty Images)
Fitting rooms are seen at the newly opened Macy’s store located at Arroyo Market Square, on Saturday, Sept. 30, 2023, in Las Vegas, Nev. (Bizuayehu Tesfaye/AP Images for Macy’s, Inc.) (Macy’s Inc.)
The company reported in late October that there were around 500 Macy’s locations. It also owns Bluemercury and Bloomingdale’s.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| M | MACY’S INC. | 17.64 | -0.30 | -1.67% |
MACY’S OPENING UP TO 30 SMALL-FORMAT STORES
The impacted Macy’s stores, located in four states, will hold clearance sales over about 8-12 weeks.
The following stores are the ones that Macy’s has decided to close:
- Macy’s Ballston (Arlington, Virginia)
- Macy’s Bay Fair (San Leandro, California)
- Macy’s Kukui Grove (Lihue, Hawaii)
- Macy’s Simi Valley Town Center (Simi Valley, California)
- Macy’s Governor’s Square (Tallahassee, Florida)
Sarah-Rumpf Whitten contributed to this report
