Following a reported drop in gross sales, Macy’s is accelerating the closure of underperforming shops, a transfer that may see the division retailer chain shut greater than 100 areas by 2025.
The choice to shut shops is a part of Macy’s efforts to streamline its operations and concentrate on its most worthwhile areas. The closures will primarily have an effect on smaller shops in much less densely populated areas, with Macy’s aiming to shed roughly $1 billion in annual gross sales from the affected shops. Whereas the closures will lead to job losses, Macy’s has acknowledged its dedication to offering affected workers with severance packages and job placement help.
