In not so good economy news, retail giant Macy’s will be closing 125 stores which is one -fifth of all of their locations. In this closing, about 2000 corporate jobs will be lost.
According to PulseOfRadio, the moves come as the department store struggles to compete with online shopping. The jobs being lost, which represent nine percent of its corporate jobs, will be eliminated as Macy’s closes its offices in Cincinnati and San Francisco, leaving New York as its only corporate headquarters. Macy’s is testing a new, smaller-store format located at a strip center instead of a mall. The first Market by Macy’s will open this week in Dallas, and will sell a mix of Macy’s merchandise and local products, as well as food and beverages.
Macy’s has closed more than 100 stores since 2015.