A massive mall retailer is now laying off 2,350 people, or 3.5% of its workforce across the entire United States, sources report.
Macy’s has announced that it will reduce 3.5% of its workforce and has plans to shut down a total of five of its full-line stores.
In a statement sent via email, a spokesperson for Macy’s said, “In anticipation of implementing a new strategy to adapt to the evolving needs of consumers and the market, we have made the tough choice to streamline our company by reducing our workforce by 3.5%.”
Reports indicate that approximately 2,350 corporate positions will be cut by as early as this month.
Supply chain automation, some outsourcing, and faster decision-making were reportedly among the reasons for the cuts.
The Wall Street Journal first reported the news.
Retailers often lay off employees and announce store closures after the holidays, especially if they had a sluggish sales season.
However, Americans spent at a faster clip in December from the month prior, the Commerce Department said this week.
The company opened its first Macy’s in 1858 and now operates about 500 Macy’s branded stores, as well as 55 of the more upscale Bloomingdale’s chain.
In addition to the closures of anchors of five malls in California, Florida, Hawaii, and Virginia, Macy’s will sell and relocate two furniture stores.
A group of investors in December reportedly proposed to take Macy’s private at a vulnerable moment for the famed company. Macy’s has not commented on the activist attempt.
Macy’s has attempted numerous strategies in recent years to revitalize business, such as new brands and smaller stores, but the moves have not altered its long-term trajectory.
The future of the massive mall retailer is a developing story — for more news and updates like this, opt-in for push notifications.
Also Read: A US Company Now Declares An Unexpected Bankruptcy
Other Economy News Today
A massive cinema company now closes a major location after 30 years in West Virginia — it showed its last film on January 12.
The Regal Cinema 13 in Greenbrier has closed after nearly three decades of entertaining filmgoers, reports The-Sun.
The Virginian-Pilot said, “The 13-screen movie theater, owned by British company Cineworld, closed after showing its last film on January 12.
“Located across from Greenbrier Mall in Chesapeake, the theater has been a mainstay in the community for almost 30 years since opening in 1995.”
One fan wrote, “Saw a lot of movies here growing up, sad to see it close!”
Another said, “Damn, I just read an article that Regal Cinema Greenbrier 13 shut their doors for good. Damn, I had so many great memories from that place.”
And one more noted: “You will be missed.”
Meanwhile, on Facebook a user wrote, “RIP Regal Cinema in Greenbrier, VA.
“Though I didn’t see many films there, you bring some touching memories for me.
“Saw Captain America: The First Avenger, Steven Spielberg’s Lincoln, and the first two Creed movies in that theater.”
But, he remained hopeful for the site’s future, adding, “It’s always sad to see a movie theater go, but maybe one day someone can bring it back!”
Confusingly, Regal’s website still shows the theater as being opened on its website.
However, when clicking on the link, it takes readers to a message saying, “Well this is a reel problem. It looks like this page has popped out for a bit, but we can usher you to a new seat,” reports The-Sun.
“The theater itself had been thrown a temporary lifeline – as it was originally marked for closure early last year.
It stayed open for an extra 11 months, finally shutting its doors just last week.”
Also Read: This Massive Clothing Company Is Now Closing Stores
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